SINGAPORE, Oct 3 (Reuters) - The Middle East crude market
held firm on Wednesday ahead of the release of new official
selling prices (OSPs) from producers later this week.
* OSP PREVIEW
- Top oil exporter Saudi Arabia will probably raise its
official selling prices for the crudes it sells to Asia in
November, driven by strong demand and firm cracks, a Reuters
poll showed.
The producer could raise the November OSP for Arab Light by
about 40 cents a barrel and Arab Extra Light by 50 cents a
barrel from the previous month, the median estimates of six
traders and refiners show.
The OSPs for Arab Medium could be raised by about 30 cents
per barrel while Arab Heavy could rise by 5 to 10 cents a
barrel, the poll showed.
- ADNOC is expected to raise Murban's differential to Dubai
quotes for its retroactive September OSP by 70-90 cents a barrel
from the previous month to reflect strong spot premiums fetched
for November cargoes, traders said.
- Qatar Marine's differential to Dubai could rise by 20-30
cents a barrel to Dubai quotes in its September OSP versus
August, similar to November spot premiums, they said.
* TENDERS
- India's Hindustan Mittal Energy Ltd (HMEL) has bought 2
million barrels of Basra Light crude to load in November at a
slightly narrower discount from deals in the previous month,
traders said.
A cut in Basra Light's official selling price and robust
demand for sour grades lifted the grade's valuation in November,
although ample supply kept its differential at a discount.
The refinery bought the cargo, likely from Total, at a
discount of between 15 and 20 cents a barrel to the grade's
official selling price (OSP), they said. October cargoes were
sold at discounts of 20-30 cents a barrel.
* REFINERY
- Japan's Cosmo Oil Co hopes to restart one of the
two crude distillation units (CDUs) at its 220,000 barrels per
day (bpd) Chiba refinery in December at the earliest if it
receives approval from local authorities, industry sources
familiar with the matter said.
* MARKET NEWS
- Nine cargoes of North Sea Forties crude loading in October
have been delayed due to lower-than-expected output, trading
sources said on Tuesday, adding to delays in shipments of the
oil that sets the Brent benchmark.
- Japan Petroleum Exploration (Japex) said it had
retrieved the country's first oil from shale layers deep below
the earth's surface, a potentially important development for a
nation that imports most of its energy requirements.
CRUDE Price Prev Change
DEC DME Oman diff to Dubai swaps +1.46 +1.55 -0.09
NOV Brent 110.67 112.14 -1.47
DEC Dubai 106.83 108.11 -1.28
DEC DME Oman 108.29 109.66 -1.37
NOV Brent/Dubai EFS 3.20 3.35 -0.15
PRODUCT CRACKS
NOV fuel oil crack -6.78 -6.75 -0.03
NOV gasoil crack +19.07 +18.84 +0.23
NOV naphtha crack -7.56 -7.14 -0.42
COMPLEX REFINERY MARGINS
Today 9.56
Last 5 days 9.64
Last 365 days 7.40
