RTRS:Middle East Crude-May Qatar Marine extends losses
SINGAPORE, March 21 (Reuters) - The Middle East crude market weakened on
Wednesday, with values for May-lifting Qatar Marine falling further into a
double-digit discount on limited buying interest.
At least one cargo changed hands at a discount of about 20 cents a barrel to
official selling prices, down from a discount of about 10 cents earlier this
week, traders said.
One cargo of Qatar Land was also traded at a double-digit discount, a trader
said, although this could not be confirmed.
The Qatari crude has been hit by poor refining margins in Asia, especially
middle distillate crack spreads.
* TRADES
- Shell bought nine Dubai partials for May from Unipec ChinaOil and SK
Energy at $123.00-$123.10 a barrel. The oil major has purchased 30 Dubai
partials so far this week.
SK Energy sold another Dubai partial to Glencore at $123.10 a barrel.
* MARKET NEWS
- The United States exempted Japan and 10 EU nations from financial
sanctions because they have significantly cut purchases of Iranian oil, but left
Iran's top customers China and India exposed to the possibility of such steps.
- China slashed February crude oil imports from Iran by 40 percent from a
year earlier due to a contract dispute with Tehran, but raised purchases from
top oil exporter Saudi Arabia to new highs, Chinese customs data showed on
Wednesday.
- The Japanese government probably wants Idemitsu Kosan 5019.T to continue
cutting Iranian crude imports as before, which is by 10 to 20 percent a year,
the oil refiner's chairman said on Wednesday, a day after the United States
exempted the Asian nation from financial sanctions.
CRUDE Price Prev Change %
change
MAY Oman diff to Dubai 2.41 2.59 -0.18
MAY Brent 124.45 124.49 -0.04 -0.03%
MAY Dubai 120.85 120.89 -0.04 -0.03%
MAY DME Oman 123.26 123.48 -0.22 -0.18%
MAY Brent/Dubai EFS DUB-EFS-1M 3.60 3.60 0.00
