Asian crude steady but Oman stronger

Asian crude steady but Oman stronger

SINGAPORE (Reuter): Thin trading on Asian crudes kept prices
steady, traders said yesterday.

But healthy buying was seen for Oman, narrowing the crude's
discount to its official price.

A French major heard sold Oman at MPM -6 cents per barrel.
This is higher than earlier September Oman deals that were done
closer to MPM -19/20 cents.

A U.S. major also sold two cargoes of Oman to two separate
shosha, at MPM -13, and MPM -8.

Some traders were surprised to see Oman so sought after, but
thought that expectations of tighter Dubai supplies following the
larger than expected Indian tender award has led buyers to turn
to Oman instead.

Only a few September cargoes were now heard unsold.

But five Oman cargoes were heard sold to a single western
trader in the last week.

Traders said this could give the illusion of healthier demand,
when these cargoes could actually be reoffered in the spot market
at a later time.

On Asian grades, rumors of August Widuri sold around ICP +20s
level could not be confirmed.

Sellers of Widuri and Cinta were still expecting prices of
around ICP +40 cents, as it was considered still early for August
trading of heavier grades.

But September trading for the lighter Asian crudes has
started, with some cargoes heard already sold, although details
were unclear.