RTRS:Middle East Crude-December outlook mixed as OSPs sharply higher
SINGAPORE, Oct 8 (Reuters) - The Middle East crude market
was steady on Monday as traders remained divided on the outlook
for prices of December loading cargoes.
While winter demand is expected to keep the market buoyant,
some traders said the sharp rise in official selling prices
(OSP) may deter buyers from some crude grades.
OSPs:
- Qatar has raised its September retroactive official
selling price (OSP) for Qatar Marine crude to $112.30 a barrel,
up $3.15 from August, Qatar News Agency said.
The Gulf Arab state also set the September Qatar Land crude
OSP at $114.15/bbl, up $3.75 from August.
Qatar's increase in OSP follows sharp rises by Saudi Arabia
and Abu Dhabi.
- Yemen has set the official selling price of its Masila
crude for loading in December at a premium of $0.75 a barrel to
dated Brent, down 35 cents from the previous month, its
government said late on Sunday.
REFINERY NEWS:
- Sinopec Corp's 0386.HK Qilu refinery is closing on Monday
a 160,000 barrels-per-day crude unit for a planned 25-day
maintenance, an industry official said.
The plant's crude throughput will be down by a third this
month to around 140,000 bpd, versus 212,000 bpd last month, said
the official with direct knowledge of the plant's productions.
- Saratov oil refinery, owned by Anglo-Russian crude
producer TNK-BP TNBP.MM, has resumed production after it caught
fire last week, TNK-BP said on Monday.
*MARKET NEWS
- IMF chief Christine Lagarde praised Gulf oil exporters on
Saturday for their help in stabilising the global economy by
managing oil prices, despite complaints by some Western
countries that energy costs are still too high.
- Turkey returned fire after Syrian mortar bombs landed in a
field in southern Turkey on Saturday, the day after Prime
Minister Tayyip Erdogan warned Syria that Turkey would not shy
away from war if provoked.
- Iran denied on Saturday a U.S. media report that it had
offered a "nine-step plan" aimed at solving its stand-off with
the West over its disputed nuclear programme.
CRUDE Price Prev Change
DEC DME Oman diff to Dubai 1.11 1.22 -0.11
NOV Brent 110.81 112.16 -1.35
DEC Dubai 106.39 107.68 -1.29
DEC DME Oman 107.50 108.90 -1.40
NOV Brent/Dubai EFS DUB-EFS-1M 3.85 3.77 +0.08
PRODUCT CRACKS
NOV fuel oil crack -8.31 -7.24 -1.07
NOV gasoil crack 19.74 19.52 +0.22
NOV naphtha crack -6.92 -7.05 +0.13
COMPLEX REFINERY MARGINS
Today 11.56
Last 5 days 9.42
Last 365 days 7.38
