Crude oil prices stay up in Asia

Crude oil prices stay up in Asia

SINGAPORE (Reuter): Crude oil prices in Asia held overnight gains though influence from U.S. API inventory data was muted and attention focussed more on active Mideast trades.

Traders awaited details of damage to fuel storage tanks at Indonesia's Cilacap refinery after fire caused by lightning, and how it would affect production at the refinery shut on the fire. It was seen likely to have to throw out some crudes it refines such as Iranian/Arab Light and domestic Arjuna, Attaka, Handil.

Dec 15-day Brent was quoted at $16.10/16.15 while Dec Brent on SIMEX traded at US$16.10 from IPE's Tuesday close of $16.05. Brent/Dubai traded at $1.15 for Dec and $1.00 for Jan overnight.

Force majeure on exports declared by Mexico's Pemex after hurricane damage had forced two Japanese refiners to buy a total of 1.6 million barrels of Qatar Marine and Oman for Nov lifting. For Dec wet barrels, the release on Tuesday of end-Sept Japanese stockpile data showing sharply lower kerosene stocks triggered a deluge of trade in light Mideast crudes.

At least five December Murban cargoes traded at premiums ranging from 34 to 40 cents over ADNOC on Tuesday. Three spot cargoes were seen still available. A December Lower Zakum was sold to a U.S. major at ADNOC plus 45 cents, up nearly 13 cents from the most recent December Lower Zakum trade.

Dec Qatar Land was possibly sold out after three trades done at QGPC plus nine to 17 cents.

Dec Um Shaif was sold to a U.S. major at ADNOC plus 15 cts packaged with Murban priced at ADNOC plus 34 cts, but a Japanese refiner bought an Um Shaif cargo at ADNOC plus 30 cts. Dec Dubai was heard traded Monday at front month quotes minus five cents.