RTRS:Middle East Crude-Seen supported as Saudi cuts OSPs more than expected
SINGAPORE, Aug 6 (Reuters) - Sentiment in the Middle East
crude market improved after top producer Saudi Arabia lowered
its official selling price (OSP) for crude to Asia, a move that
traders said would help support demand.
The producer cut its Arab Light crude price for Asian buyers
in September by 80 cents a barrel, more than the 60 cents
expected by traders, while the Arab Medium and Arab Heavy grades
were cut by $1.20 a barrel, more than the $1 drop predicted in a
Reuters poll last week.
The OSP for Arab Super Light was raised by 50 cents a
barrel, while that for Arab Extra Light was left unchanged.
Separately, Abu Dhabi National Oil Co (ADNOC) said on Monday
it had raised the July retroactive official selling price (OSP)
for its key Murban crude by $4.40 a barrel from June to $101.75
a barrel.
The differentials of ADNOC's prices to the Dubai benchmark
narrowed, with Murban's premium dropping to $2.60 from $2.91
last month and that for Upper Zakum down to 70 cents from $1.21
last month.
* TRADES
- There were no trades in the over-the-counter window on
Monday although there were three bids and four offers.
Bids for Dubai partials ranged between $104.10-$104.40 per
barrel. Total, Hetco and Philbro were the bidders.
Offers came from SK Energy, Philbro, Hetco and Unipec and
were between $104.70-$104.80 per barrel.
* MARKET NEWS
- Russia's state-owned oil pipeline monopoly Transneft said
on Monday crude oil supplies to the Pacific port of Kozmino had
returned to normal after a cut in volumes due to railway
congestion.
- Yemen's Aden refinery has resumed production after halting
operations for nine months because of attacks on the country's
main oil pipeline, an official at the refinery told Reuters on
Monday.
CRUDE Price Prev Change
OCT DME Oman diff to Dubai swaps +1.28 +0.97 +0.31
SEP Brent 108.65 106.99 +1.66
OCT Dubai 103.58 101.71 +1.87
OCT DME Oman 104.86 102.68 +2.18
SEP Brent/Dubai EFS 4.65 4.93
