960408

Crude oil prices

stable in Asia

SINGAPORE: Spot crude oil prices in Asia kicked off the week on a stable, albeit quiet note, with most traders still away after the Easter holiday.

Traders added the scheduled third round of talks between the United Nations and Iraq, starting April 8, further stymied activity.

Prompt crude price in NYMEX after hours trading system ACCESS was bid/asked at $22.65/22.70 per barrel against Thursday's close at $22.75. Cash June Brent was assessed at $19.00/19.10 against $18.95 close on IPE previously. The May/June backwardation continued to widen to $1.30 from $1.20.

Activity on MidEast crudes remained subdued on sluggish endusers' demand. Traders estimated at best a couple of May lifting Abu Dhabi Murban crude left in the hands of European refiners. The last known deal for May Murban was at 17 cents premium to a S Korean refiner.

Discussion for May Oman was non-existent. Some endusers said unless softer premiums were seen, Oman has become expensive relative to other grades following the widening of its official price against Dubai to 81 cents from 60 cents.

Paper Malaysian Tapis crude price was notionally bid/offered at $20.20/20.40.

ON Friday, Malaysia sold 450,000 barrels of second-half May lifting Miri to a Singapore enduser at APPI Tapis plus 90 cents fob basis. On Thursday, it sold 600,000 barrels of early May lifting Tapis at APPI Tapis plus slightly over $1.00 fob basis. It was estimated to have left with at least two cargoes of Tapis and one Labuan in May after failing to secure Chile's tender award last week. Chile was heard to have awarded a combination cargo comprising Cabinda in its tender.

Spot premiums of Indonesian Minas threatened to ease towards a discounted market on negligible bids and disappointing Chinese interest.-Reuter