SINGAPORE, Jan 5 (Reuters) - Middle East benchmark
Murban crude prices were sluggish on Thursday as markets
refocused on the outlook for the European economy.
March-loading Abu Dhabi crude grade was pegged at a discount
of about 15 cents, down 3 cents from Wednesday's discussed
levels.
Saudi Arabia cut the February light crude price to Asia by
$2.10 from January, deeper than expected by traders.
The February official selling prices (OSP) for Arab Light
crude has been set at the Oman/Dubai average plus $2.05 a
barrel, down from $4.15 a barrel in January.
* EFS
- Front-month Brent/Dubai Exchange of Futures for Swaps
(EFS) for February DUB-EFS-1M fell 47 cents from Wednesday to
$3.83 a barrel.
* OMAN ASSESSMENTS
- March Oman traded on the DME rose 38 cents to a premium of
$1.77 to Dubai swap quotes at 0830 GMT, using the settlement
price for DME futures, the ICE one-minute marker for Singapore
and the Brent-Dubai EFS as calculated by Reuters.
* MARKET NEWS
- China will reduce crude imports from Iran for a second
month, sources said on Thursday, as the two remain divided over
payment terms for Iranian crude targeted by ever tougher
international sanctions.
- European governments have agreed in principle to ban
imports of Iranian oil, EU diplomats said, dealing a blow to
Tehran that crowns new Western sanctions months before an
Iranian election.
- Japan is weighing various ways of securing a waiver on new
U.S. sanctions against Iran, with reducing Iranian oil imports
and dealings with its central bank possible options, government
sources said.
- Japan's biggest refiner JX Nippon Oil & Energy Corp is
talking with Saudi Arabia and other oil producers to source
crude to replace any disruption to its imports from Iran, the
company's president said.
- Japan is weighing various ways of securing a waiver on new
U.S. sanctions against Iran, with reducing Iranian oil imports
and dealings with its central bank possible options, government
sources said.
- OPEC oil output rose in December to the highest since
October 2008, a Reuters survey found, as members showed little
sign yet of lowering output to make room for recovering Libyan
supplies.
* REFINERY MARGINS
- Simple gross refining margins for Dubai in Singapore were
at 40 cents per barrel, up from an average of the last five days
of 33 cents, Reuters data show. Over the last year, the average
margin has been about minus 87 cents per barrel.
* CRACK SPREADS
- Fuel oil's February crack weakened 74 cents to a discount
of $3.00 a barrel to Dubai crude.
- Gasoil's February crack firmed 27 cents to a premium of
$18.48 a barrel to Dubai crude.
* OUTRIGHT PRICES
- February ICE Brent was at $113.70 a barrel at 0830
GMT, up $1.42 from Wednesday.
- March Oman rose $2.27 to settle at $111.64.
(Reporting by Luke Pachymuthu; editing by Jamson Neely)
