OREANDA-NEWS. March 26, 2015. The Asia-Pacific crude market held firm as most of the cargoes loading in May have been diverted to domestic use.

Producers have held back sales due to low bids, opting to process their own crude instead of selling them in the spot market.

Vietnam removed 1.1 million barrels of its own crude from the spot market to feed its refinery, although it later offered 850,000 barrels of Bach Ho and Song Doc as replacement. Petronas has also withdrawn its offer of Miri crude which will now be processed locally, a trader said.

A fourth Chim Sao cargo has emerged for end-May loading. PV Oil has likely sold this cargo to Vitol at a premium between \\$3.50 and \\$4 a barrel.

Vitol has also likely bought the Te Giac Trang (TGT) crude from PV Oil via a tender earlier.

PV Oil is yet to award a tender to sell Bach Ho, the trader said, adding that low bids may prompt the state oil marketer to hold onto the cargo.

Taiwanese refiner CPC has bought 2 million barrels each of Jubilee and Cabinda for May loading in a tender. It has a tender to buy heavy sweet crude for May loading which will remain valid until Thursday.

Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, was unchanged at \\$1.20 a barrel for May.

MARKET NEWS

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