Bloomberg News

Middle East Crude Grades Gain for Second Day on Refinery Demand

November 15, 2011

Nov. 15 (Bloomberg) -- Middle East crude premiums for delivery to Asia climbed for a second day as refinery demand for grades with a large middle distillate yield continued unabated.

Murban for January loading rose 11 cents to 29 cents a barrel more than its official selling price, according to data compiled by Bloomberg. Qatar Marine for January climbed 5 cents to a premium of 48 cents a barrel over its official selling price, Bloomberg data showed.

China’s largest refiners have boosted their capacity utilization to 84.85 percent as of Nov. 9 from two weeks earlier, Oilchem.net reported yesterday. The Shangdong-based website expects that rates will climb to as much as 87 percent in the next two weeks.

Oman crude for immediate shipment fell 66 cents, or 0.6 percent, to $111.77 a barrel, Bloomberg data showed. Dubai for loading in January dropped 0.5 percent to $110.91. Murban crude declined 0.4 percent to $115.79 a barrel.

Oman futures for January delivery rose $1.70 to $111.65 a barrel on the Dubai Mercantile Exchange at 6:28 p.m. Singapore time with 1,489 contracts traded. The settlement price was $111.67 at 12:30 p.m. in Dubai.

The January Brent-Dubai exchange for swaps, which measures the European benchmark contract against the Persian Gulf grade, narrowed 22 cents to $3.55 a barrel, according to data from London-based broker PVM Oil Associates Ltd. The exchange for swaps for February dropped 12 cents to $3.77.

--Editors: Raj Rajendran, Rob Verdonck

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


Race, Class, and the Future of Ferguson
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