SINGAPORE: Middle East crude benchmarks Dubai and Oman were steady on Friday, staying above Brent, supported by OPEC cuts and US sanctions on Venezuela and Iran.
Brent crude's premium to Dubai quotes edged down to 52 cents a barrel at Friday's close, the lowest since April 2017, data from Refinitiv Eikon showed.
The narrow spread will keep arbitrage from the Atlantic Basin to Asia open and support premiums for Brent-linked grades.
MIDEAST: ADNOC and Qatar Petroleum reduced the premiums to Dubai quotes for light grades in January by 20 cents-30 cents a barrel in line with spot discounts seen last month.
The premiums for medium grades - Upper Zakum and Qatar Marine - were little changed, in response to firm demand for spot barrels last month.
These prices were within expectations, traders said.
Saudi Aramco also cut prices for light grades, but raised those for Arab Medium and Arab Heavy.
Prices for medium and heavy grades are supported by OPEC cuts and US sanctions on Venezuela and Iran, traders said. Positive fuel oil margins also underpin demand for these grades, they said.
RUSSIA: ONGC is expected to award a tender later on Friday to sell a Sokol cargo for April 6-12 loading.
ASIA PACIFIC: There are five North West Shelf (NWS) condensate cargoes loading in April, one more than in March, a preliminary loading programme showed.
Comments
Comments are closed.