RTRS:Middle East Crude- Weak after Banoco AM trades at discount
SINGAPORE, Aug 28 (Reuters) - The Middle East crude market
weakened after two cargoes of Banoco Arab Medium grade were sold
at a discount to the official selling price.
Traders said most buyers had completed their purchases in
the spot market for October loading crude, with Abu Dhabi grades
likely to be fully sold.
*TRADES
- Reliance Industries bought two cargoes of Banoco AM, one
for 10-20 cents per barrel below the OSP and the other for 20-30
cents per barrel below OSP, traders said. The grade was traded
at a 20-30 cent per barrel premium to OSP last month.
- Phibro bought one October Dubai partial from British
Petroleum at $110 per barrel.
*TENDERS
- India's Mangalore Refinery and Petrochemicals Ltd has
bought 600,000 barrels of Oman oil through a tender, from trader
Itochu at a premium of about $2.5 a barrel to Dubai quotes.
* REFINERIES:
- Japan's fourth-biggest refiner Cosmo Oil Co said on
Tuesday it would shut its 140,000 barrels per day (bpd) Sakaide
refinery in July next year, but will likely have to close down
further capacity to meet government rules by a 2014
deadline.
- Japanese refiner Nansei Sekiyu said on Tuesday it expects
to restart its 100,000 barrels per day Nishihara refinery in
Okinawa on Aug. 31, after a strong typhoon passed over the
area.
*MARKET NEWS
- The global crude oil market is sufficiently supplied as
output has adjusted to the loss of Iranian trade, and higher
prices alone do not justify a release of strategic reserves, the
head Of the International Energy Agency (IEA) said on Tuesday.
- Tropical Storm Isaac had nearly reached hurricane strength
as it bore down on the U.S. Gulf Coast on Tuesday and appeared
to be taking direct aim at New Orleans, almost seven years to
the day since the Crescent City was devastated by Hurricane
Katrina.
- Oman has invited foreign oil companies to bid for
exploration and development rights in six oil blocks around the
country, the oil ministry said on Tuesday, as it pushes to raise
production to 1 million barrels per day.
- Firefighters managed to extinguish one of three burning
storage tanks at Venezuela's biggest refinery on Tuesday,
President Hugo Chavez said, in line with the authorities' target
to restart the facility by the end of the week.
CRUDE Price Prev Change
OCT DME Oman diff to Dubai swaps +0.58 +0.44 -0.14
OCT Brent 112.76 114.86 -2.10
OCT Dubai 109.82 111.77 -1.95
OCT DME Oman 110.40 112.21 -1.81
OCT Brent/Dubai EFS 3.55 3.80 -0.25
