RTRS:Middle East Crude-July DME Oman steady; Saudi OSPs eyed
SINGAPORE, May 4 (Reuters) - The Middle East crude market held steady on
Friday, as the premium of Oman crude futures against Dubai quotes inched up 2
cents to $1.19 a barrel.
The market is eyeing the release of Saudi Arabia's official selling prices
(OSP), expected later on Friday, to gauge demand for July cargoes.
Refiners and traders are expecting the top exporter to slash prices to Asia
for their lighter grades, a move that is likely to help boost demand when July
trading kicks off later in the month.
* OSP
Abu Dhabi National Oil Co (ADNOC) said on Thursday it has lowered the April
retroactive official selling price (OSP) for its key Murban crude by $5.80 a
barrel from March to $121.20 a barrel.
April Murban was set at $3.90 a barrel premium to the April average for
Dubai crude.
* MARKET NEWS
- OPEC is working hard to bring down oil prices that jumped towards $130 a
barrel earlier this year, its secretary general said on Thursday, and is pumping
much more than its official target even as exports from cartel-member Iran
dwindle.
- PetroChina 0857.HK, the country's largest oil and gas producer, will
restart next week a 80,000 barrels-per-day crude distillation unit at its
Jinzhou refinery after one-month maintenance, an industry source said on Friday.
CRUDE Price Prev Chang %
change
JULY Oman diff to Dubai 1.19 1.17 0.02
JUNE Brent 115.50 118.15 -2.65 -2.24%
JULY Dubai 111.66 114.25 -2.59 -2.27%
JULY DME Oman 112.85 115.42 -2.57 -2.23%
JUNE Brent/Dubai EFS 3.47 3.43 -0.04
PRODUCT CRACKS Price Prev Chang
JUNE fuel oil crack -4.07 -4.72 0.65
JUNE gasoil crack 16.72 17.01 -0.29
JUNE naphtha crack -10.07 -9.96 -0.11
COMPLEX REFINERY MARGINS
Today 9.30
Last 5 days 7.91
Lat 365 days 7.71