RTRS:Middle East Crude-Stays weak amid ample supplies
SINGAPORE, May 21 (Reuters) - The Middle East crude market
remained weak on Monday, with ample supplies and low demand
weighing on sentiment.
July-loading Qatar Marine traded at a discount of 40-55
cents to the official selling price (OSP) and Murban at a 45-50
cents discount to OSP, traders said. Oman traded at just below
$1 premium to Dubai, they added.
Formosa bought 2 million barrels of Iraq's Basra Light crude
at 20 to 30 cents discount to OSP, steady from Reliance's
purchase last week. The deals could not be independently
verified.
The market is awash with crude from the Middle East as the
Organization of the Petroleum Exporting Countries (OPEC)and top
exporter Saudi Arabia have boosted output to cool prices down,
while buying interest is limited because of reduced profits from
processing a barrel of crude into fuels.
*TRADES
Phibro sold three Dubai partials to Glencore, Statoil and
Mercuria at $105, while Statoil bought another two partials from
Phibro at $105.10. Glencore and Mercuria each also bought two
partials from Phibro at $105.10.
*MARKET NEWS
- China's crude oil imports from Iran rebounded more than 50
percent in April from March after resolving pricing disputes
over term contracts, but shipments fell nearly a quarter from a
year ago, with Saudi Arabian supplies helping to plug the gap.
- The U.N. nuclear watchdog chief began talks in Tehran on
Monday, Iranian media said, after voicing hope for a deal to
investigate suspected atomic bomb research - a possible
breakthrough that Iran may count on to ease sanctions and
deflect threats of war.
- India's MRPL has got a crude cargo insured by an Iranian
firm, the first state refiner to do so, after local firms
refused cover even before European Union sanctions barring such
deals start in July, sources with knowledge of the matter said.
CRUDE Price Prev Change
JULY DME Oman diff to Dubai swaps 0.16 0.36 -0.20
JULY Brent 107.99 107.15 0.84
JULY Dubai 104.68 104.03 0.65
JULY DME Oman 104.84 104.39 0.45
JUNE Brent/Dubai EFS 3.31 3.12 0.19
PRODUCT CRACKS Price Prev Change
JUNE fuel oil crack -4.10 -4.24 0.14
JUNE gasoil crack 15.87 16.17 -0.30
JUNE naphtha crack -11.16 -10.12 -1.03
COMPLEX REFINERY MARGINS
Today 6.33
Last 5 days 6.25
Last 365 days 7.54
(Reporting by Florence Tan and Manash Goswami; Editing by
Anthony Barker)
