RI light crude exports may rise

RI light crude exports may rise

SINGAPORE (Reuter): Expectations of a higher volume of light crude exports from Indonesia for October kept sentiment on the Asian light crudes bearish yesterday, traders said.

But the heavier crudes remained supported on improved demand from China and Australia.

Traders were still waiting for the release of the Indonesian allocations for October, but were now more certain of a higher volume of light Belida crude as a result of the 200,000 barrels- per-day (bpd) Cilacap refinery maintenance shutdown in October.

Some traders expected Belida export volumes to be at around 40,000 bpd for October, but there had not been any confirmation from Indonesia.

In September, Indonesia allocated just 6,000 bpd of Belida. Traders said the Minas export volumes for October may not see a drastic change, as the volume of Minas refined at Cilacap is small.

A U.S. major was heard to have bought October Minas late last week from an equity producer around ICP +43 cents per barrel. The cargo was heard to be co-loading with October Vietnamese Bach Ho, and was heading to the major's affiliated refinery in Japan.