Vietnam’s Ruby Sells Higher; Marib Resumes Pumping: Asia Crude

Vietnam’s Ruby crude is said to have sold at the highest premium in three months.

PV Oil Co., the state-run oil-marketing company, sold two 300,000 barrel cargoes of Ruby at $2 to $3 a barrel above benchmark Minas crude, said three traders who participate in the market, declining to be identified because they are not authorized to speak to the media.

It was the highest premium since April, when PV Oil sold a shipment for about $2.50 above Minas. A Ruby cargo for August sold last month at premiums as low as 70 cents a barrel.

Yemen resumed pumping crude oil from Marib province to the Red Sea after repairing the nation’s main pipeline following sabotage attacks that halted the flow in October, said an official at Safer, the pipeline operator.

The first batch of Marib crude will reach the port of Ras Eisa today, the official said, declining to be identified because he isn’t authorized to speak with news media. Crude began flowing into the pipeline from oil fields in Marib on July 15, the official said in a telephone interview from the central province of the Arab Peninsula nation.

Italy’s ENI SpA and Japan’s Inpex Corp. will offer two 550,000 barrel shipments of Australia’s Kitan crude for September, according to two traders who participate in the market and who asked not to be identified, citing company policy.

Angola, Africa’s second-largest oil producer, will ship 49 crude cargoes in September, a preliminary loading program obtained by Bloomberg showed.

Angolan Exports

The nation plans to ship 47.1 million barrels, or 1.57 million barrels a day, in September, according to the plan which didn’t include Mondo and Gimboa grades.

This compares with 62 cargoes totaling 1.9 million barrels a day of crude next month, the most since October 2009.

The Brent-Dubai exchange for swaps, which measures the European oil’s premium to the Middle East grade, fell 45 cents to $3.45 a barrel for September, according to data from PVM Oil Associates Ltd., a London-based broker. The October EFS lost 15 cents to $3.13.

Dubai crude’s backwardation, when the price for near-term deliveries is greater than later supplies, narrowed by 26 cents. Swaps for August were 62 cents a barrel more than October, according to data from PVM.

Profits from refining a barrel of Dubai into fuels such as diesel and gasoline priced in the regional oil-trading hub of Singapore averaged $4.33 during the last five days, according to data compiled by Bloomberg. The 30-day average is $2.88.

Oman oil for September delivery rose $2.13 cents to settle at $101.20 a barrel at 12:30 p.m. on the Dubai Mercantile Exchange.

Mercuria Energy Trading SA bought all 10 Dubai partial cargoes sold today by Trafigura Beheer BV, according to a survey of traders who monitor the Platts pricing window. Mercuria paid $100.70 a barrel for six of the 25,000 lots and $100.85 for four.

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