RTRS:Middle East Crude-Margins and China demand support
SINGAPORE, Sept 6 (Reuters) - The increase in October
official selling prices (OSPs) by Saudi Arabia and Abu Dhabi
were mostly in line with expectations and firm product margins
are expected to support demand this month.
Demand expectations have risen after a poll showed this week
that China's biggest refineries are set to increase the volume
of crude oil processed in September, reversing cuts in the
previous two months, after the startup of a new unit offsets
production drops at other plants.
OSPS:
- Saudi Aramco raised its October OSP for Asia on all grades
except Arab Heavy. It raised the OSP for lighter grades by more
than a dollar, with the Arab Super Light rising by more than $2.
The Arab Heavy grades were cut by 40 cents.
- Abu Dhabi National Oil Co. has raised the August
retroactive OSP for its key Murban crude by $9.90 from July to
$111.65 a barrel from $101.75 a barrel.
*MARKET NEWS
- A Russian firm has decided to stop verifying safety and
environmental standards for one of Iran's biggest shipping
groups, a letter showed, the latest international company wary
of being caught up in Western sanctions
- Singapore onshore middle distillates stocks slipped to
their lowest in five weeks while fuel oil and light distillates
inventories rose in the week ended Sept. 5, state trade agency
International Enterprise (IE) data showed on Thursday.
CRUDE Price Prev Change
OCT DME Oman diff to Dubai swaps
OCT Brent 114.23 113.94 +0.29
OCT Dubai 111.18 110.64 +0.54
NOV DME Oman 112.25 111.79 +0.46
OCT Brent/Dubai EFS 3.05 3.30 -0.25
PRODUCT CRACKS
OCT fuel oil crack -5.74 -5.58 -0.16
OCT gasoil crack 18.83 19.16 -0.33
OCT naphtha crack -5.56 -6.11 +0.54
COMPLEX REFINERY MARGINS
Today +7.82
Last 5 days +9.14
Last 365 days +7.37