RTRS:Middle East Crude-April Murban valued at slight premium
SINGAPORE, Feb 13 (Reuters) - Abu Dhabi National Oil
Company's (ADNOCs) benchmark grade, Murban, was valued at a
slight premium on Monday as traders started discussing April
loading cargoes.
Traders said they did not believe any deals were made, but
they expect to see transactions booked at premiums ranging from
0 to 5 cents to the ADNOC official selling price (OSP).
"If gas oil falls further this week, we might see sellers
lowering their offers into low single digit premiums, and deals
could take place at parity," a trader said.
Asia's gasoil market eased on Monday, with the prompt
February/March timespread falling to its weakest in more than
three weeks on lacklustre demand in the region.
Sentiment weakened as buying interest from Vietnam,
Indonesia and the Philippines slowed. In the Philippines,
domestic demand for February shrank following last week's
earthquake.
* EFS
- Front-month Brent/Dubai Exchange of Futures for Swaps
(EFS) for March DUB-EFS-1M eased 8 cents to $2.97 a barrel.
* OMAN ASSESSMENTS
- April Oman traded on the DME was valued at a premium of
$2.08 cents 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
- Indian Oil Corp (IOC), the country's largest refiner, has
issued a rare tender to buy heavy crude for April lifting from
several regions including South America, Africa and the Middle
East, tender documents showed on Monday.
- Iran has built up its naval forces in the Gulf and
prepared boats that could be used in suicide attacks, but the
U.S. Navy can prevent it from blocking the Strait of Hormuz, the
commander of U.S. naval forces in the region said on Sunday.
- France's electricity bills will rise less over the next
two decades if it continues to rely on nuclear power for its
energy needs, a government-commissioned report showed on Monday,
two months ahead of the country's upcoming presidential
election.
- Sudan and South Sudan on Friday signed a security
agreement which aims to defuse tensions over oil payments which
officials had warned could spark a war between the two
countries.
- Total should not sign oil deals with the
Kurdistan region without Iraq's approval, Deputy Prime Minister
for Energy Hussain al-Shahristani said on Sunday, warning the
French major would bear the "full consequences" if it did.
* REFINERY MARGINS
- The complex refining margin for Dubai in Singapore was
$8.97 per barrel, down from an average of the last five days of
$9.85, Reuters data show. Over the last year, the average margin
has been $8.16 cents per barrel.
* CRACK SPREADS
- Fuel oil's March crack was weaker at a discount of $3.53 a
barrel to Dubai crude.
- Gasoil's March crack eased 20 cents to a premium of $17.51
a barrel to Dubai crude.
- Naphtha's front-month crack strengthened 26 cents to a
discount of $5.25 a barrel to Brent crude.
* OUTRIGHT PRICES
- March ICE Brent was at $118.25 a barrel by 0830
GMT, up 46 cents from the previous session.
- April Oman was trading at $117.36 by 0830 GMT, up
71 cents from the previous session.