Bloomberg News

Middle East Crude Premiums Unchanged as Refinery Demand Gains

November 17, 2011

Nov. 17 (Bloomberg) -- Premiums for Middle East crude oil sold to Asia were little changed after rising amid gains in refinery demand.

Murban for January loading was at 33 cents a barrel over its official selling price, unchanged from yesterday, according to data compiled by Bloomberg. Qatar Marine for January was at a premium of 53 cents a barrel over the official price, Bloomberg data showed.

Japanese refiners are ramping up their runs to produce kerosene before the winter heating season begins in the Northern Hemisphere. Plants operated at 82.4 percent of capacity last week, up from 81.7 percent, according to data from the country’s petroleum association released yesterday.

Oman crude for immediate shipment fell 89 cents, or 0.8 percent, to $110.78 a barrel, Bloomberg data showed. Dubai for loading in January dropped 0.7 percent to $110.02. Murban crude declined 0.7 percent to $114.94 a barrel.

Oman futures for January delivery fell 95 cents to $110.25 a barrel on the Dubai Mercantile Exchange at 6:03 p.m. Singapore time with 1,420 contracts traded. The settlement price was $111.24 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 27 cents to $3.45 a barrel, according to data from PVM Oil Associates Ltd. The exchange for swaps for February declined 14 cents to $3.69.

--Editors: Rachel Graham, Raj Rajendran

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


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