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Latest News

Middle East Crude-Firms; Dubai spread in backwardation

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November 18, 2010 5:06 by



The Middle East crude market
continued the bullish trend on Thursday with both light Abu
Dhabi Murban crude and heavy Banoco Arab Medium selling at
stronger differentials.
    The new front-month December/January Dubai intermonth
spread flipped into backwardation this week, the first time in 16
months, as demand for Middle East crude extended its strength
into the third month.
    The intermonth spread was at a premium of 5 cents a barrel
on Thursday, largely steady from a 6-cent premium on Tuesday.

    *TRADES
    - Two or three cargoes of heavy sour Banoco Arab Medium for
January loading have been sold at a premium of between 50 and
60
cents a barrel to Arab Medium, traders said.
    The differentials were stronger than a premium of around 30
cents a barrel for December-loading Banoco cargoes sold last
month.
    "The Arab Medium OSP still looks attractive even after
Saudi
raised it this month," said a trader.
    Saudi Arabia raised the December Arab Medium OSP to a
discount of $1.60 a barrel to Oman/Dubai average, up from a
discount of $1.80 a barrel in November.
    - January-loading Abu Dhabi Murban crude was last done at a
premium of between 60 and 70 cents a barrel to ADNOC, improved
from a premium of around 40 cents fetched for first January
Murban cargo moved last week, traders said.

    *TENDERS
    - Qatar's Tasweeq has awarded its January-loading al
Shaheen
tender at a premium of 30 to 50 cents a barrel to Dubai quotes.
Buyers included oil major ExxonMobil and ConocoPhillips as well
as Asian refiners. This has not been confirmed.

    *OMAN ASSESSMENTS
    - January Oman traded on the Dubai Mercantile Exchange
(DME)
was assessed at a 35-cent premium to Dubai swap quotes at 0830
GMT, steady from Tuesday, according to Reuters calculations.

    *EFS
    - Front-month Brent/Dubai Exchange of Futures for Swaps
(EFS) for January stood at $2.65 a barrel.

    *MARKET NEWS
    - Iran is ready to sell its gas to Europe, Iranian
President
Mahmoud Ahmadinejad said on Thursday, raising the prospect of
one day supplying gas via the European Union-backed Nabucco
pipeline project.
    - Three tankers have been fixed to carry at least 120,000
tonnes, or 900,000 barrels, of low-sulphur diesel from Japan to
Chile, loading between now and end-November, due in part to
firm
seasonal demand and tighter supplies in Latin America.

    *CRACK SPREADS
    - The December diesel crack fell 76 cents to a premium of
$12.88 a barrel to Dubai crude.
    - The December fuel oil crack fell 36 cents to a discount
of $7.82 a tonne, while January's crack shed 32 cents to a
discount of $7.77 a tonne.

    *OUTRIGHT PRICES
    - January ICE Brent rose to $84.39 a barrel at 0830
GMT, up 52 cents from the same time a day earlier.
    - January Oman rose 28 cents to settle at $81.95.
 (Reporting by Judy Hua; Editing by Himani Sarkar)


    RECENT CRUDE OIL TRADES
    Asia...      Europe...    Americas...
                       CRUDE OIL MARKET NEWS
    Crude oil tenders in Asia...................
    Crude oil supply outages in Asia............
    Refinery outages in Asia....................
    Global arbitrage news and flows.................
    W.African crude imports to Asia, monthly........
                    REFINERY MAINTENANCE DIARIES
    Asia...     Middle East...   Europe...
                       NATIONAL CRUDE IMPORT DATA
    Japan..............
    China..............
    India..............
    S.Korea............
    Indonesia.......
                       CRUDE OIL INVENTORY DATA
    Japan...     US...     Europe...
                    CRUDE OIL PRODUCTION/OILFIELD NEWS
     OPEC output survey...   New Asian
fields...
    New Africa fields...   New Americas
fields..
    New projects.....
                       CRUDE OIL MARKET REPORTS
    Middle East...........   Asia-Pacific........
    West Africa.........   North Sea............
    Asia outlook.......   Europe outlook.....
    Global futures report...   Technicals report......
                            PRICES
    For all Official Selling Prices......................
    For a POLL on oil prices............................
    NYMEX and ICE oil
futures...........................
    TOCOM crude oil
futures.............................<0#JCO:>
    Dubai, Oman swaps and
spread...............
    Middle East physical crude
diffs...............
    Australia physical crude, Tapis
swaps..........
    Asia-Pacific physical
crude....................
    All Asian crude oil
differentials................<0#C-DIF-A>
    All Asian crude oil outright
prices..................<0#C-A>


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