Monday, 15 May 2017

Asia-Pacific Crude-Market turns bearish on longer-than-expected loading programme

In Oil & Companies News 13/05/2017

Market sentiment took a hit on Friday when a record 11 cargoes of the Malaysian Kimanis crude were listed in the grade’s July loading programme. Trade for July-loading cargoes is due to pick up next week as most regional loading programmes have been confirmed.
*MALAYSIA – KIMANIS: A record 11 cargoes of Malaysian Kimanis crude will load in July, two trading sources with direct knowledge of the grade’s loading programme said on Friday. July supplies are one more than last month when sellers struggled to sell their June-loading cargoes. June-loading cargoes traded as low as premiums in the mid-$1.00 per barrel to dated Brent, while some cargoes were done at above $2 per barrel to the benchmark, trading sources said. Loading dates Cargo size Lifting party July 1-5 600KB Petronas July 2-6 600KB Murphy July 7-11 600KB Petronas July 8-12 600KB ConocoPhillips July 13-17 600KB Shell July 14-18 600KB Petroleum Brunei July 19-23 600KB Petronas July 20-24 600KB ConocoPhillips July 25-29 600KB Petronas July 26-30 600KB Shell July 31-August 4 600KB Petronas
*PAPUA NEW GUINEA – KUTUBU LIGHT: Two 650,000-barrel cargoes of the grade will load in July, down one cargo compared with a month ago, a source with direct knowledge of the grade’s loading schedule said on Friday. Volume Marketer Loading Dates 650,000KB ExxonMobil July 11-15 650,000KB Oil Search July 24-28
*VIETNAM – BACH HO HEAVY: State-marketer PV Oil is offering 16,500 barrels per day (bpd) of the grade for loading between July and December in a tender that closes on May 16. PV Oil offered a minimum of 10,000 bpd of Bach Ho heavy in its previous term tender for January-June supplies. It was eventually awarded to the firm’s trading arm, PV Oil Singapore, at a premium around $1.70 per barrel to dated Brent. *BRENT-DUBAI EFS: Brent’s premium to Dubai swaps was at $0.70 per barrel, down 6 cents for July.
*OUTSTANDING TENDERS COUNTRY/COMPANY GRADE VOL CLOSE LOADING (VALID) DATE **VIETNAM/PV S:Bach Ho 16.5 kbpd May 16 July-Decemb OIL heavy (May 24) er VIETNAM/PV OIL s:Chim Sao 2*300KB May 18 July 1-5, (May 24) 12-16 **RUSSIA/ONGC s:Sokol 700KB May 17 July 10-16 (May 18) QATAR/QATAR s:DFC/LSC NA May 16 July PETROLEUM (May 17) QATAR/QATAR s:DFC 500KB/mont May 16 July PETROLEUM h (May 17) 2017-June 2018 VIETNAM/PV OIL s:Te Giac Min. April 28 July-Decemb Trang 10,000 bpd (May 16) er 2017 *MARKET NEWS Russian state oil firm Rosneft is struggling to close its $12.9 billion acquisition of India’s Essar Oil Ltd because six of Essar’s Indian creditors have yet to approve the deal, sources close to the talks said.
The Shanghai Futures Exchange said late on Thursday it plans to launch its crude oil futures contract this year, confirming a Reuters report last month. Iraq’s Oil Marketing Company (SOMO) plans to export 3.215 million barrels per day (bpd) of Basra crude in June, slightly lower than last month due to a cut in heavy grade supplies, two sources with knowledge of the matter said on Friday. Angola’s Saturno crude oil exports were placed under force majeure after an electrical fault led to the closure of the offshore platform PSVM, traders said on Thursday.
Nigerian workers at U.S. oil major Exxon Mobil Corp have gone on strike in protest over the sacking of workers, oil labour union officials said on Thursday. For crude prices, oil product cracks and refining margins, please click on the RICs below. Brent Dubai Brent/Dubai EFS PRODUCT CRACKS Fuel oil crack Gasoil crack Naphtha crack Complex refining margins

Source: Reuters (Reporting by Mark Tay; Editing by Subhranshu Sahu)