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Middle East Crude-Discounts for ADNOC grades narrow

Sharp cuts in the official selling prices (OSPs) of ADNOC grades have likely lifted their spot differentials.


July 13, 2011 2:33 by

Sentiment in the Middle East crude market improved on Wednesday after an Indian refiner bought some ADNOC grades at narrower discounts than the previous month.
Sharp cuts in the official selling prices (OSPs) of ADNOC grades have likely lifted their spot differentials.
Reliance bought Lower Zakum and Umm Shaif at around 40 cents a barrel below ADNOC, up from a deep discount of about 60 cents last month, traders said, although this could not be confirmed.
The cargoes may have been unsold August barrels held by oil majors from last month as their values were low compared with a Murban parcel that was sold at parity to ADNOC last week, two traders said.
For Qatar Marine, an operational issue has affected the loading of a cargo in July which will be deferred to August, a person familiar with the matter said.
“It is only an operational issue and has nothing to do with production,” he said. “The August programme is already scheduled and they are going as planned.”
Tasweeq closed on Wednesday a tender to sell six al-Shaheen cargoes for September loading.


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