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Advertisement

 
RTRS:Middle East Crude-Strengthens, al-Shaheen trades at 6-month high
 
SINGAPORE, Sept 17 (Reuters) - The Middle East crude market
strengthened on Monday as Qatari al-Shaheen crude changed hands
at the highest premium in six months and traders said firm
demand will keep prices of November loading cargoes high.
Demand is expected to be supported by strong product cracks,
resumption of operations at some refineries which had to undergo
unplanned shutdowns, as well as seasonal winter buying.

*TRADES:
- Maersk sold at least one cargo of November loading
al-Shaheen crude to Japanese buyers at a premium of $1.8-$1.9
per barrel above Dubai quotes, the highest since May. The crude
last month traded at a premium of $1.2-$1.4.
- Upper Zakum was likely traded at a premium of 35-40 cents
a barrel above its official selling price (OSP), traders said.
The identity of the buyer and seller were not immediately known.

*MARKET NEWS:
- Iran has signed agreements to sell four million barrels of
oil through private companies, an official was quoted as saying
on Saturday, in an attempt to avoid Western embargoes.

- Iraq laid out more milestones on its path back to oil
producing power, targeting 6 million barrels per day exports by
2017, and confirming it was currently pumping more than
neighbour and fellow OPEC member Iran.
- Angola is due to export around 1.67 million barrels per
day (bpd) of crude oil in November, little changed from the
initial loading schedule for October, a preliminary export
programme showed on Monday.

CRUDE Price Prev Change
NOV DME Oman diff to Dubai swaps +0.96 +1.51 -0.55
NOV Brent 116.73 117.51 -0.78
NOV Dubai 113.80 113.85 -0.73
NOV DME Oman 114.76 115.36 -0.60
NOV Brent/Dubai EFS 3.60 3.66 -0.06

PRODUCT CRACKS
OCT fuel oil crack -6.05 -5.97 -0.08
OCT gasoil crack +19.00 +18.72 +0.28
NOV naphtha crack -8.79 -8.57 -0.22


COMPLEX REFINERY MARGINS
Today +8.38
Last 5 days +8.86
Last 365 days +7.36

Source