Crude trade thin as mart waits for RI

Crude trade thin as mart waits for RI

SINGAPORE (Reuters): Prices on the Asian heavy crude market were steady yesterday, but most traders were sidelined as firm information on Indonesian July allocations remained unavailable, traders said.

Traders said spot trading was very thin, apart from talk that an early July Bunga Kekwa, offered since last week, was sold at Tapis APPI -$1.95, but that could not be confirmed.

India issued its monthly tender to buy one million barrels of crudes for August, traders said.

The tender is to close on June 25 and will be valid for one day.

In its last tender for July crudes, India bought two cargoes of Malaysian Labuan and one cargo of Malaysian Miri crude.

This was an unusual move since India seldom bought Asian grades and it supported fundamentals in the Asian light crude market.

India also took three Dubai cargoes and three very large crude carriers (VLCC) of Qua Iboe in the same July tender.

July supplies of Middle East crudes were still available, although the bulk of July trading was finished.

But traders said there was still fundamental demand for July cargoes, although buyers were more cautious trying to get bargain barrels.