BLBG:Mideast Oil Premiums Remain at 4-Month High Before Winter Demand
Middle East crude for sale to Asia was unchanged after rising to the highest in four months against benchmark prices.
Murban for loading in November remained at a premium of 63 cents a barrel over its official selling price, according to data compiled by Bloomberg. That’s the highest since May 20. Qatar Marine was at a premium of 95 cents a barrel, Bloomberg data showed.
Premiums for middle distillate-rich crude have surged as refiners seek to secure supplies before the northern hemisphere heating demand season.
Oman crude for immediate loading declined 76 cents, or 0.7 percent, to $107.56 a barrel, Bloomberg data showed. Dubai oil for loading in November dropped 0.7 percent to $107.18. Murban fell 0.7 percent to $111.84.
Oman futures for November delivery climbed 83 cents to $107.23 a barrel on the Dubai Mercantile Exchange at 5:04 p.m. Singapore time, with 1,509 contracts traded. The settlement price was $107.01 at 12:30 p.m. in Dubai.
The November Brent-Dubai exchange for swaps, which measures the European marker contract against the Persian Gulf grade, widened 14 cents to $4.74 a barrel, according to data from PVM. The exchange for swaps for December gained 4 cents to $4.02.
To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net