SINGAPORE, March 1 (Reuters) - The Middle East crude market maintained
its strength on Thursday, with values for the benchmark Murban crude pegged
higher than levels seen in the previous session, traders said.
Abu Dhabi's Murban was valued at a premium of 10-14 cents a barrel, about
2-4 cents over values seen on Wednesday, traders said.
Physical transactions were thin, as traders turned their focus towards the
next round of official selling prices from Middle East producers.
Only one deal for April-loading Murban was done this week at 10 cents a
barrel, traders said.
Saudi Arabia, the world's top oil exporter, was expected to lift prices for
its flagship Arab Light crude due to a strengthening Dubai backwardation,
traders said.
However, as product cracks for distillates remained weak, any attempt to
adjust prices higher would be limited.
Saudi Aramco is due to release its official selling prices for May by March
5.
* TRADES
- SK Energy sold 10 Dubai partials to Shell and Vitol at $119.90-$120.00 a
barrel.
* MARKET NEWS
- Oil consuming nations have no need to release stockpiles as they do not
face a supply crunch, EU officials and the agency for consumers said on
Wednesday after Washington announced it may use stocks to stem soaring gasoline
prices in an election year.
- Iraq is capable of more than doubling its crude oil production within
three years, with the pace of further growth slowing steeply afterwards, the
West's energy agency said on Wednesday.
- Western trade sanctions against Iran are strangling its oil exports even
before they go into effect, a U.S. advisory body has found, amid warnings that
any shortages will only push up crude prices and strain a weak global economy.
CRUDE Price Prev Chang %
e change
MAY Oman diff to Dubai 3.13 2.79 0.34
APRIL Brent 122.90 122.2 0.65 0.53%
5
MAY Dubai 117.40 117.4 -0.01 -0.01%
1
May DME Oman 120.53 120.2 0.33 0.27%
0
APRIL Brent/Dubai EFS 4.55 4.00 0.55
PRODUCT CRACKS Price Prev Chang
e
APRIL fuel oil crack -6.25 -6.63 0.38
APRIL gasoil crack 15.38 16.63 -1.25
APRIL naphtha crack -6.23 -5.81 -0.42
COMPLEX REFINERY MARGINS
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Last 5 days 6.19
Lat 365 days 7.87
