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Crudes in Asia

inch up, activity

subdued

SINGAPORE: Spot crude oil prices in Asia extended their gains seen overnight in New York to trade another 10-15 cents up on Tuesday, oil traders said.

Most traders were expecting prices to climb on firm technicals and said a further boost might be seen if the U.S. oil stock data released later tonight reinforced the tight fundamentals in the States.

The near-term resistance for prompt crude on NYMEX was pegged at $22.48 per barrel, an intra-day high seen on March 27. On ACCESS, it was around $22.32, up 10 cents from New York.

Cash May Brent was assessed at $20.05/20.10.

On SIMEX, May Brent was bid/asked at $20.07/$20.09 against its previous settlement on the IPE at $19.74. Based on technicals, traders expected May Brent to trade within $19.68 and $20.10 and test $20.30 shortly.

Brent/Dubai spread continued to widen, with May seen at $2.20/2.30 and June at $1.45/1.55.

Cash activity was fairly subdued with most endusers said to have covered their May MidEast crude requirements. Taiwan said its May Oman requirements were comfortably met by term barrels and there would be no need for spot purchases. The same sentiment has been voiced by Chinese buyers.

Malaysia maintained its offer of end April-May lifting Tapis crude to APPI Tapis plus $1.10 or $21.00 per barrel fob basis. Potential interest from at least two traders was heard. But fixed price bids were closer to $20.50. Malaysia was seen a potential participator of Chile's tender to buy 950,000 barrels of May delivery crude. The tender closes on Wednesday. In the paper market, Tapis for April was at $20.25/20.50 and May at $19.50/19.80.

Spot Indonesian April Minas premiums were stable at 30-35 cents to ICP. Alternative grades such as Vietnam Bach Ho were seen offered for May.-Reuter