Pacific crude exports to keep steady in April

Tue Feb 18, 2014 2:36am EST

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SINGAPORE, Feb 17 (Reuters) - Exports of sweet crudes and
condensate from Australia, Papua New Guinea and East Timor are
expected to remain steady in April as field maintenance keeps
supplies limited, traders said on Monday.
    A total of 13 cargoes of sweet crude and condensate will be
available for April loading, the same as in March.
    With supply steady, differentials for both crude and
condensate were expected to weaken in April as refiners enter
turnaround season.
    Condensate volumes would remain unchanged with
ConocoPhillips marketing two Bayu Undan cargoes compared to one
in March and four cargoes of Northwest Shelf (NWS) available,
including one late-March cargo held by Woodside that was
deferred to March 31-April 4, traders said.
    BHP Billiton would load a April 10-14 cargo, BP a April
18-22 cargo and Chevron a April 27-May 1 cargo.
    "They are trying to spread out maintenance and keep (NWS)
loading at an average of four or five cargoes a month this
year," said one trader. 
    No Kitan condensate would be available in April, with
traders saying Eni was still holding one cargo scheduled for
end-March loading, while the next cargo was only expected in
May. 
    One combined cargo of Pluto and Laminaria could still be
available for end-March loading with no new supply in April,
traders said. 
    For the heavy sweet grades, supply would fall to four from
five with no Stybarrow expected in April. Traders had expected
Enfield to load in April, the first since end-January, but some
said no cargoes would be available.
    Oil Search would load two cargoes of Kutubu in April.
    Below is a table of Australia, East Timor and Papua New
Guinea crude and condensate exports:
        
------------------------------------------------
GRADE        CARGO SIZE      APR      MAR 
------------------------------------------------
Enfield      550KB            0        0  
Stybarrow    550KB            0        1  
Vincent      550KB            2        2  
Pyrenees     500KB            2        2  
Van Gogh     400KB            0        0  
Cossack      650KB            1        1  
Kutubu       650KB            2        1  
Kitan    500-600KB            0        1  
NWS Cond     600KB            4        3  
Bayu Undan   650KB            2        1  
Pluto        650KB            0       0.5 
Laminaria    650KB            0       0.5
    
Total:                       13       13 

Source: Trade
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