RTRS:Middle East Crude-Qatar Marine premium extends gains
SINGAPORE, Nov 14 (Reuters) - The Middle East crude
market strengthened on Monday, with premiums for January-loading
Qatar Marine extending its gains from last week, traders said.
The Qatari grade was heard to have traded at a premium of 50
cents a barrel to OSP, up from 40-50 cents last week, a trader
said, although this could not be confirmed.
December cargoes for Qatar Marine were done at 30-40 cents
above OSP.
Qatar's Al-Shaheen crude had yet to start trading, as the
market waits for Tasweeq to firm up its loading schedule and
issue a tender to sell January cargoes. The heavy sour grade
could hold steady near record spot premiums fetched for December
supply, similar to Oman, on support from strong gasoil and fuel
oil cracks.
Abu Dhabi's Lower Zakum crude transacted at a premium of
around 15 cents to OSP, in line with values heard last week, a
trader said.
*OSPs
- Iraq has raised the official selling price of its Basra
Light crude for loading in December to customers in Asia, as
expected, a trader said on Monday.
That was within the range of expectations in a Reuters
survey.
The December price for Asian buyers rose to a premium of
$1.80 to the average of Oman/Dubai quotes, up 15 cents from
November, the trader said.
*TRADES
- Shell bought three Dubai partials from Phibro at
$112.10-$112.15 a barrel.
*OMAN ASSESSMENTS
- January Oman traded on the DME was valued at $3.58 to
Dubai swap quotes by 0830 GMT, up from $3.40 in the previous
session, using the settlement price for DME futures, the ICE
one-minute marker for Singapore and the Brent-Dubai EFS as
calculated by Reuters.
*EFS
- Brent crude's premium to the Middle East marker Dubai fell
on Monday to its lowest level in more than six weeks on higher
North Sea supply and a stronger Dubai quote.
Front-month Brent/Dubai Exchange of Futures for Swaps
(EFS)DUB-EFS-1M for December lost 56 cents to $4.39 a barrel.
*MARKET NEWS
- Current oil prices are fair although there are signs of a
slight increase in global oil demand, Algeria's energy minister
said on Monday.
- Spot market demand for supertankers carrying Middle East
crude oil surged to a record high of as much as 137 fixtures in
November, representing 9.13 million barrels of oil per day,
traders said.
- There are no signs of dropping global oil demand and the
market appeared to be balanced at current levels, Iran's energy
minister said on Monday.
- Japan's utilities consumed more than 13 times the amount
of crude oil in October compared with a year earlier to generate
electricity, compensating for a record-low nuclear plant
utilisation rate, industry data showed on Monday.
- Russia's No.2 crude oil producer LUKOIL said it
is considering bidding for exploration in more oil and gas
blocks offshore Vietnam after acquiring the first block in the
Southeast Asian country's northern area.
- A strike at Libya oil producer Waha Oil, which pumped
around a quarter of pre-war output, has ended after workers'
demands for a new chairman were met, a workforce representative
said on Monday.
*REFINERY MARGINS
- Complex processing margins for Dubai in Singapore were
around $6.80 per barrel, down from an average of $8.16
in the last five days, Reuters data show. Over the last year,
the average margin has been around $8.16 per barrel.
*CRACK SPREADS
- Fuel oil's December crack widened 24 cents to a discount
of $2.63 a barrel to Dubai crude.
- Gas oil's December crack shed 11 cents to a premium of
$19.80 a barrel to Dubai crude.
- The naphtha CFR Japan front-month crack fell 92 cents to a
discount of $15.92 a barrel to Brent.
*OUTRIGHT PRICES
- December ICE Brent was at $114.48 a barrel at 0830
GMT, up 14 cents from Friday.
- January Oman rose 64 cents to $112.47.
(Reporting by Francis Kan and Florence Tan; Editing by Himani
Sarkar)