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COMMENTS
Further details emerged regarding the award price of a PV Oil tender for 300,000 bbl of 14-18 April Bunga Kekwa (WCR 2 March) placed with a Singapore based refiner. The cargo was heard to have traded at a stronger price level around APPI Tapis minus 50 cents – 1.00. Previously, PV Oil placed March Bunga Kekwa at around APPI Tapis minus 1.00.
Premium levels in recent tenders for Vietnamese grades such as Ruby, Rang Dong and Bunga Kekwa have risen amid a strengthening of gasoil cracks, which have climbed to nine month highs.
April loading heavy Australian grades were reported to be sold out, with Enfield and Stybarrow placed last week at firmer levels around Dated Brent plus 4.00 and April Vincent trading at around Dated Brent plus 1.50.
An Australian equity producer also recently placed an April Cossack at around Dated Brent plus 2.00, which was in line with April trade levels.
Chinese Petroleum Corp (CPC) closed a purchase tender for April arrival heavy sweet crude. CPC usually buys Chinese or Indonesian grades via such tenders.
Rosneft, the Russian producer was reported to have awarded three 730,000 bbl cargoes of end March - April loading ESPO to a European/Russian trader, via a recent tender. No price details were available.
In its previous tender, Rosneft awarded a tender for four 730,000 bbl cargoes of March ESPO Blend at weaker price levels around Dubai quotes minus 60 cents. One of the March ESPO cargoes was sold to a Chinese trader, while the other three were placed with the same European/Russian trader.
A number of equity producers were reported to have taken cargoes of April North West Shelf (NWS) condensate into their own systems despite firmer naphtha cracks. However, there were reports of trades for April NWS condensate at around Dated Brent plus 1.30, which was in line with March deals.
In open market trading, Phibro sold four 25,000 bbl May DUBAI partials to Shell at 76.05. At the close, May Dubai partials were bid at 76.05 by Shell and offered at 76.10 by Phibro. May Oman partials were offered at 76.60 by Unipec, but there was no bid.
The May DME Oman futures contract settled at 76.59, up 90 cents. The May ICE Middle East Sour Crude marker was set at 77.39, up 1.25.
