SINGAPORE: The Middle East crude market was mixed on Monday as DME Oman's premium to Dubai slipped to the lowest in more than three months, while firm demand for Murban propped up the Abu Dhabi grade's premium.
Demand from Thailand and Hawaii lifted Murban premiums after they slipped to single digits in purchases by Indian refiners early last week, traders said.
Thai refiners bought at least two cargoes of August loading Murban late last week at premiums of 20-30 cents a barrel to OSP, up about 20 cents in a purchase by Fuji Oil earlier last week, traders said.
Lukoil was heard to have sold Murban to Hawaii at close to $5 a barrel above Dubai quotes, a trader said.
Yet, differentials for medium-sour grades such as Oman slipped to as low as 55 cents a barrel above Dubai quotes on the DME.
Phibro offered August Upper Zakum at parity on the Platts window, down from trades at a premium of 10 cents a barrel concluded in mid-June.
Basra Light trade remained in limbo as buyers and sellers were worried about the availability of August-loading supply even though Iraq continues to export as usual from the country's south while it fights rebels in the north.
"Nobody can guarantee supply," a trader said.
Comments
Comments are closed for this article.