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RTRS:Middle East Crude-November trading begins to wind down
 
SINGAPORE, Sept 24 (Reuters) - The Middle East crude market
steadied on Monday as dealers said most of the November loading
cargoes had been sold off and trading for the month began to
wind down.
Traders said there may be some Murban cargoes left to be
sold and any spot trades in the coming week may be limited to
Iraq's Basra Light grade.
Premiums on light crudes jumped to multi-month highs on
strong demand from Japanese refiners, which were returning from
planned as well as unplanned shutdowns, while winter demand from
other countries also kept crude well supported.

*TENDER:
- Taiwanese refiner CPC's has floated a tender to buy sour
crude, that will close on Tuesday and is valid until Wednesday.

*MARKET NEWS
- UAE OPEC Governor Ali al-Yabhouni said on Monday that oil
production capacity was expected to rise to near 3 million
barrels per day (bpd) by end of 2012, from around 2.8 million
bpd now.
- South Korea imported no crude oil from Iran in August due
to European Union restrictions on shipping insurance, but
purchases in September are expected to be up to 200,000 barrels
per day, or back to full contracted volumes, after skirting
sanctions.
- BP will have to invest billions of dollars more than
previously planned if it is to slow falling output at an Azeri
oil project that is also that country's biggest cash cow, oil
executives and diplomats say.

CRUDE Price Prev Change
NOV DME Oman diff to Dubai swaps 0.68 0.51 +0.17
NOV Brent 110.40 110.48 -0.08
NOV Dubai 107.47 107.56 -0.09
NOV DME Oman 108.15 108.07 +0.08
NOV Brent/Dubai EFS 3.56 3.60 -0.04

PRODUCT CRACKS
OCT fuel oil crack -5.07 -4.94 -0.12
OCT gasoil crack +19.43 +19.44 -0.01
NOV naphtha crack -7.65 -8.12 +0.47

COMPLEX REFINERY MARGINS
Today 9.92
Last 5 days 8.68
Last 365 days 7.37

Source