Bloomberg News

Middle East Crude Falls After Abu Dhabi Raise Official Prices

October 04, 2011

Oct. 4 (Bloomberg) -- Crude oil from the Middle East for sale to Asia fell as Abu Dhabi raised its official prices, damping demand from refiners.

Murban, produced by Abu Dhabi National Oil Co., for loading in November dropped 15 cents to a premium of 13 cents a barrel to its official selling price, according to data compiled by Bloomberg. Lower Zakum, also produced in the emirate, declined 14 cents to a premium of 11 cents a barrel, Bloomberg data showed.

Abu Dhabi National, or Adnoc, raised its official price for Murban to $110.90 a barrel for September, according to an e- mailed statement today. That raised the grade’s premium to benchmark Dubai crude for the same period to $4.59 a barrel, the most since May and the third-highest in the past two years, according to Bloomberg calculations. The August price difference was $4.03.

Dubai swaps for December widened to a premium of 72 cents a barrel today over January from 54 cents yesterday, according to data from London-based brokers PVM Oil Associates Ltd.

Oman crude for immediate loading dropped $1.37, or 1.4 percent, to $96.61 a barrel, Bloomberg data showed. Dubai oil for loading in December fell 1.4 percent to $96.03. Murban for spot delivery slid 1.5 percent to $100.19.

Oman futures for December delivery fell 36 cents to $97.49 a barrel on the Dubai Mercantile Exchange at 5:01 p.m. Singapore time, with 1,172 contracts traded. The settlement price was $97.24 at 12:30 p.m. in Dubai.

The November Brent-Dubai exchange for swaps, which measures the European marker contract against the Persian Gulf grade, widened 4 cents to $5.35 a barrel, according to data from PVM. The exchange for swaps for December rose 17 cents to $4.02.

--Editor: Mike Anderson.

#<125964.3765640.2.1.95.14779.25># -0- Oct/04/2011 10:55 GMT

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus