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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Captain James T. Kirk who wrote (47180)	7/1/1999 9:35:00 AM
From: BigBull	Read Replies (1) \| Respond to of 95453

Asian supply and demand still tight Energy News Thu, 1 Jul 1999, 8:39am EDT Asian Crude Oil Prices Rise With Futures and Robust Demand Singapore, July 1 (Bloomberg Energy) -- Crude oil prices in Asia rose today on robust regional demand and surging Brent futures. In the spot market, Asian benchmark Tapis rose 65 cents to $18.55 a barrel, while Indonesian Minas was up 60 cents to $17.40 a barrel. Persian Gulf benchmark Dubai Fateh rose 64 cents to $16.74 a barrel. July Tapis swaps were valued at $18.23 a barrel, compared with $17.60 a barrel yesterday. August Tapis swaps were assessed at the same price as July. A trader at Malaysia's Petronas said demand for local grades, and particularly Tapis was strong. Thailand was reportedly looking for August Tapis supplies and a Singapore- based trading company was seen seeking cargoes of Tapis to export out of the region, possibly to the U.S. According to the same trader, Malaysian crude supplies were very limited, with only one spot cargo of Tapis left for August. Brokers said there was a robust demand for Indonesian Minas from Japanese utilities and Australian and Chinese buyers. August Minas supplies remained ''balanced'' and July supplies were very rare on the market. Traders said there was also a steady tender demand. Taiwan's Chinese Petroleum Corp. (CPC) issued a tender to buy supplies of West African sweet crude oil for August loading. This tender closes July 3. CPC also bought ''large amounts'' of Iraqi crude Basrah Light in its tender to purchase August Persian Gulf sour crude supplies, a company official said. Market participants were still awaiting the results of Indonesia's Pertamina spot tender to purchase August supplies. They were expecting Pertamina to buy at least one cargo of Chinese Nanhai and one of Brunei Seriah Light. According to one trader, there were unconfirmed reports Pertamina called another spot tender seeking more August delivery crude barrels, possibly of light sweet grades like Tapis. August Brent crude futures on the Singapore International Monetary Exchange settled 68 cents higher at $17.58 a barrel, lagging last night's surge in western prices, after inventory reports showed an unexpected decline in U.S. crude oil stockpiles for the second week in a row, traders said. Last night, the U.S. Department of Energy reported crude stockpiles declined 1.7 million barrels to 330.4 million, in the week ended June 25. This came after a report from the American Petroleum Institute, showing U.S. crude inventories fell 488,000 barrels to 329.9 million barrels. Brent futures on the London International Petroleum Exchange rose as much as 72 cents a barrel yesterday, while West Texas Intermediate crude futures on the New York Mercantile Exchange closed 85 cents higher. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.