SINGAPORE: Differentials for Abu Dhabi's Murban crude fell on Thursday due to weak demand in Asia.
Shell sold a cargo of Murban for December-loading at around 70 cents a barrel below its official selling price (OSP), traders said. The cargo may have been sold to SK Energy, one trader said.
The grade was traded at a small premium last month after cuts to its OSP, but slid into a discount. In late-October, Shell had offered Murban in the Platts window at a discount of 40 cents a barrel, but found no buyers.
Abu Dhabi National Oil Company (ADNOC) completed negotiations with one term buyer for supply of its flagship Murban crude from January to June next year at around 7 cents a barrel above its OSP, traders said. The buyer or the volumes were not known.
Shell offered Upper Zakum at 50 cents a barrel below its OSP in the Platts window on Thursday. Chinaoil was bidding for January Oman cargoes.
DME OMAN
DME Oman for January settled at $80.60, up 35 cents, at 0830 GMT. This puts DME Oman at 74 cents a barrel below Dubai swaps, compared with a discount of 52 cents in the previous session.
MARKET NEWS
Gunmen seized Libya's major El Sharara oilfield, looting equipment and shooting as frightened workers sought shelter, oil sources said, in another blow to the country's oil industry which has been subjected to protests and militia blockades.
Asian buyers of condensate said they would be wary of taking cargoes of the ultra-light oil that BHP Billiton Ltd plans to export from the Gulf of Mexico without explicit approval from the US government.
China's major commodity imports are likely to have declined in October from September, hit by a range of factors including the week-long Oct. 1-8 National Day holiday as well as a seasonal lull and slower economic growth.
Comments
Comments are closed for this article.