Markets

Middle East Crude: Fuji sells Feb Oman at steady discount

Published December 19, 2014 Updated December 19, 2014 03:27pm

SINGAPORE: The February differential for physical Oman remained at a wide discount after a Japanese refiner sold a cargo, traders said on Friday.

Fuji Oil sold a cargo of February-loading Oman to Shell at a discount or between 60 and 70 cents a barrel to Dubai quotes in a tender, they said. The price levels were similar to purchases by Taiwanese refiner CPC a day earlier.

Several cargoes of February-loading Basra Light have been sold to India at premiums of 20-30 cents a barrel to its official selling price (OSP), traders said, helped by a reduction in OSP.

Separately, Banoco Arab Medium had been offered at 70 cents a barrel above its OSP although no deal was heard, one of the traders said.

Chinaoil will deliver its sixth Upper Zakum cargo to Shell on Friday, a second trader said.

Light grades remained supported by robust middle distillates margins. Russia's Rosneft has sold three cargoes of Sokol at premiums between $4.30 and $4.50 a barrel to Dubai quotes, traders said, up from $3.55-$3.70 a barrel in the previous month.

Buyers for the cargoes loading on Feb. 4-7, 16-19 and 19-22 were not immediately known.

ONGC earlier sold its Sokol cargo loading on Feb. 20-26 to SK Energy at about $3.50 a barrel above Oman/Dubai quotes.

Copyright Reuters, 2014