RTRS:Middle East Crude-Firm after Kuwait also raises OSP
SINGAPORE, Oct 11 (Reuters) - The Middle East market
strengthened on Thursday after Kuwait raised its official
selling prices (OSP) to Asia, in line with other producers in
the region.
Saudi Arabia was the first to raise OSPs, followed by Abu
Dhabi National Oil Co (ADNOC) and Yemen. Iran, Iraq and Kuwait
announced their OSPs this week.
Meanwhile, Saudi Arabia has also informed buyers that it
will supply full contracted volumes of crude oil to Asian term
buyers in November, industry sources familiar with the matter
said on Thursday.
OSP:
- Kuwait has raised its official selling price (OSP) for
crude to Asian buyers for November by $0.75 a barrel from the
previous month, a trade source said on Thursday.
REFINERY:
- South Korea's largest refiner, SK Energy, will delay a
maintenance shutdown at its No.2 crude distillation unit (CDU)
to next year from the originally planned dates starting this
month, a spokesman at parent company SK Innovation 096770.KS
said.
TENDER NEWS:
- India's Hindustan Petroleum Corp (HPCL) has floated a
tender to buy 700,000 barrels of prompt Oman crude, loading in
the second half of October. The tender will close on Monday and
will be valid till Tuesday.
*MARKET NEWS:
- China's crude oil imports are expected to have risen off a
22-month low in August, although they may hover near lows,
thanks to refinery maintenance and slack oil demand.
- Azerbaijan's oil and condensate output fell in the nine
months to end-September, extending a 2011 drop, state energy
company SOCAR said, after the government decided to slow output
to prolong the life of reserves.
CRUDE Price Prev Change
DEC DME Oman diff to Dubai 1.08
NOV Brent 115.14 114.49 +0.65
DEC Dubai 110.11 109.26 +0.85
DEC DME Oman 110.92 110.34 +0.58
NOV Brent/Dubai EFS DUB-EFS-1M 4.40 4.59 -0.19
PRODUCT CRACKS
NOV fuel oil crack -8.64 -8.13 -0.51
NOV gasoil crack 19.48 19.67 -0.19
NOV naphtha crack -7.58 -7.60 +0.02
COMPLEX REFINERY MARGINS
Today 10.51
Last 5 days 9.56
Last 365 days 7.38