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.