Middle East Crude-Benchmarks weaken; ESPO premiums fall

SINGAPORE: Middle East crude benchmarks closed for the month weaker on lower demand across Asia during a peak refinery maintenance season.

Traders are expecting producers to reduce their monthly official selling prices next month to reflect the weak market.

ADNOC could cut February OSP premiums to Dubai quotes for Murban and Das by about 15 cents while Qatar could also make a similar price cut for its Land crude, they said.

For Upper Zakum and Qatar Marine, their OSP premiums to Dubai quotes could fall by 20-25 cents, traders said.

RUSSIA: Spot premiums for ESPO crude have dropped to $3.40-$3.60 a barrel after CEFC has sold five of its six cargoes loading in April, traders said. Buyers include Vitol, Glencore and Chinaoil, they said.