RTRS:Middle East Crude-Strengthens as Basra Light discount narrows
SINGAPORE, Oct 31 (Reuters) - The Middle East crude market
strengthened on Wednesday after the discount on December loading
Basra Light narrowed, traders said.
*TENDERS
- India's Hindustan Mittal Energy Ltd (HMEL) has bought 2
million barrels of December Basra Light at a stronger
differential than a previous tender, industry sources said on
Wednesday.
It bought the cargo at a 10-20 cents per barrel discount to
the official selling price (OSP), stronger than the 30-40 cent
discount at the last tender, in which Taiwan refiner Formosa
Petrochemicals bought the same grade.
The seller was probably Total, the sources said. The deal
could not be verified.
*MARKET NEWS
- Russia will increase exports of ESPO crude blend from the
Pacific port of Kozmino by 200,000 tonnes in December to 1.8
million tonnes thanks to a pipeline extension, a loading
schedule seen by Reuters showed on Tuesday.
- Sri Lanka plans to invite tenders for term supply
contracts as the island nation hunts alternatives to imports of
Iranian crude curbed by U.S. sanctions, the petroleum industries
minister said on Wednesday.
- British oil and gas firm BG Group said that production in
2013 would now be in line with this year, tempering market
expectations.
CRUDE Price Prev Change
DEC DME Oman diff to Dubai -0.57 0.47 -1.04
Dec Brent 109.57 109.56 +0.01
DEC Dubai 105.82 105.71 +0.11
DEC DME Oman 105.25 106.18 -0.93
DEC Brent/Dubai EFS DUB-EFS-1M 3.75 3.85 -0.10
PRODUCT CRACKS
NOV fuel oil crack -10.46 -10.22 -0.24
NOV gasoil crack 18.31 18.27 +0.04
DEC naphtha crack -6.63 -6.67 +0.04
COMPLEX REFINERY MARGINS
Today 6.67
Last 5 days 6.83
Last 365 days 7.32
