Middle East oil for sale to Asia surged to the highest level in nine months as refiners ramped up demand amid gains in processing profits. Qatar Marine jumped 50 cents to a premium of 61 cents a barrel over its official selling price, according to data compiled by Bloomberg. That’s the highest since December 2010. Murban from Abu Dhabi’s National Oil Co. climbed 40 cents to a premium of 53 cents a barrel, Bloomberg data showed, the biggest premium since May. Cargoes of Qatar Marine also sold at a premium of as much as 80 cents a barrel to the official price, said three traders of the region’s oil, who declined to be identified because they aren’t authorized to speak with the media. Refiners in Asia are raising processing rates to produce additional heating fuels ahead of winter. Japan’s plants increased their operating rates to 80.6 percent of capacity last week, up from 79.8 percent, according to the country’s Petroleum Association today. Processors are also hoping to cash in on gains in processing profits. Gasoil’s premium to Dubai, a measure of profitability, gained $1.22 today to $18.23, the biggest one-day gain since Aug. 11, according to data from London-based brokers PVM Oil Associates Ltd. Oman crude for immediate loading rose 11 cents, or 0.1 percent, to $106.47 a barrel, Bloomberg data showed. Dubai oil for loading in November dropped 0.1 percent to $105.91. Murban rose 0.3 percent to $110.47. Dubai crude for November was at a premium of $1.35 a barrel above supplies loading in January, a market structure known as backwardation, which suggests demand for oil is higher for prompt cargoes. That’s up from $1.32 yesterday. Oman futures for November delivery fell 15 cents to $106.65 a barrel on the Dubai Mercantile Exchange at 5:34 p.m. Singapore time, with 1,752 contracts traded. The settlement price was $106.73 at 12:30 p.m. in Dubai. The October Brent-Dubai exchange for swaps, which measures the European marker contract against the Persian Gulf grade, widened 28 cents to $6.48 a barrel, according to data from PVM. The exchange for swaps for November dropped 10 cents to $4.51. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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