March 29, 2012 / 11:30 AM / in 6 years

Asia-Pacific Crude-Light grades steady on naphtha recovery

SINGAPORE, March 29 (Reuters) - Asia-Pacific crude market
held steady on Thursday as downward pressure on light sweet
grades and condensate eased slightly on a recovery in naphtha
cracks.	
    	
    * TRADES	
    - Petronas has sold 300,000 barrels of Cakerawala condensate
for May to an end-user although the price was not immediately
available. The producer also sold a cargo of Kikeh crude for May
at $8.50-$9 above dated Brent, similar to the level fetched for
Murphy's cargo.	
    - Eni sold a cargo of Kitan crude for first half May loading
to Thai refiner PTT. The deal was likely concluded before prices
for light sweet grades started to slip.	
    Eni's offer was about $2 below dated Brent, similar to April
level, although Kitan is valued at a discount wider than $3 now,
a trader said.	
    - BHP has likely sold its North West Shelf (NWS) condensate
cargo for end-May loading while Inpex has sold its Bayu Undan
condensate cargo. Price details and buyers were not immediately
known.	
    Condensate cargoes have been slow to move as naphtha cracks
were volatile, leading to a wide price gap between sellers and
buyers, traders said.	
    Offers for NWS condensate were at $3.50-$4.00 a barrel below
dated Brent versus bids at $4.50-$5 discounts, they said.	
    Woodside is marketing its April NWS condensate cargo,
traders said. The producer has the option of supplying either
its April or May cargo to Taiwanese refiner CPC in a tender,
they said.	
       	
    * TENDERS	
    - Indonesian state oil regulator BPMIGAS has sold a year's
supply of Geragai condensate to local trader Fossus Energy,
traders said.	
    The cargoes were sold at a premium just above 50 cents a
barrel to the grade's Indonesia Crude Price (ICP), they said.	
    Fossus Energy will lift 150,000-300,000 barrels of Geragai
condensate each month between April 2012 and March 2013.	
    - Indian refiner BPCL issued a tender seeking crude for
loading in the second-half of May. Grade offers are due on April
2 while prices are to be submitted a day later. Offers remain
valid until April 4.	
    	
    * MARKET NEWS	
    - Taiwan's Formosa Petrochemical Corp plans to delay the
maintenance of a crude unit and two secondary units at its
540,000 barrels per day (bpd) refinery to May, its spokesman
said. 	
    - Idemitsu Kosan Co, Japan's third-biggest refiner, aims to
refine 6 percent more crude oil in the quarter to June than a
year earlier as it plans to more than double its refining volume
for exports, the company said. 	
    - Japan imported 27.3 percent less crude from Iran in
February from the month before, customs-cleared data showed on
Thursday, as the world's third-biggest importer complies with
U.S. demands to sharply cut shipments from Iran. 	
    	
 CRUDE                                   Price   Prev    Change
 MAY Brent                               124.53  124.47  0.06
 MAY Brent/Dubai EFS DUB-EFS-1M        4.20    4.05    0.15
                                                         
 PRODUCT CRACKS                          Price   Prev    Change
 APRIL gasoil crack                      15.45   15.21   0.24
 APRIL fuel oil crack                    -6.33   -6.52   0.19
 MAY naphtha crack                       -7.45   -7.89   0.44
                                                         
 COMPLEX REFINERY MARGINS                                
 Today                                   5.74            
 Last 5 days                             5.58            
 Last 365 days                           7.73            
 	
 (Reporting by Florence Tan)
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