SINGAPORE: The Middle East crude market weakened further on Monday with cash Dubai down for the seventh session, while ample supplies of light grades depressed Murban's value.
Cash Dubai slipped into a deeper discount of 14 cents a barrel to swaps after Chinaoil sold two August partials to Shell at $46.50, traders said.
Murban stayed under pressure from a rise in Saudi light crude supplies and as Russian ESPO became cheaper. Several cargoes of the Abu Dhabi light crude were traded on Friday at 10 cents below its OSP, traders said. Murban was offered on Monday at 20 cents a barrel below its OSP against bids at discounts of 40 cents, they said.
A hike in Basra Light's OSP depressed its spot premiums for July to 10-30 cents a barrel even though SOMO cut supplies for the month.
Banoco Arab Medium has also dipped into a small discount after BAPCO awarded a cargo to Petro-Diamond at that level, traders said.
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