Middle East oil premiums fell as profits from processing crude declined for a second day.
Qatar Marine (PGCPQRMR) crude for May loading fell 3 cents a barrel to 18 cents more than its official selling price, according to data compiled by Bloomberg News. Abu Dhabi’s Murban (PGCPMURB) fell 1 cent to a 7 cent premium to its OSP, the data shows. Refinery margins in Singapore averaged $2.71 a barrel during the last five days, down 11 cents from Friday’s calculation and below the 30-day mean of $4.75, according to the data.
Dubai crude’s backwardation, when the price for delivery now is greater than that for later, rose by 7 cents. Swaps for April were $2.85 cents a barrel more than June, according to data from PVM Oil Associates Ltd., a London-based broker.
The April Brent-Dubai (PVMMDBSP) exchange for swaps, which measures the European benchmark’s premium against the Middle East grade, fell 5 cents to $3.55 a barrel according to PVM data. The May contract fell 3 cents to $3.93.
No Dubai partial cargoes were sold today, according to a survey of traders who monitor the Platts pricing window.
Russia’s TNK-BP (TNBP) offered to sell two 100,000 metric-ton cargoes of East Siberian Pacific Ocean crude, or ESPO, for loading April 14 to April 18 and April 23 to April 27, according to two traders who participate in the market. Bids are due March 13.
Sakhalin Energy Investment Co. is offering 730,000 barrels of Vityaz Blend crude for loading in May, according to three traders who participate in the market. Bids are due March 14.
PV Oil Co., Vietnam’s state-owned oil-marketing company, offered to sell two 250,000-barrel cargoes of Ruby crude for loading in May 3 to May 9 and May 18 to May 24, according to a tender document obtained by Bloomberg News. The tender closes March 15.
Yemen’s state oil committee set the official price for May shipments of Masila Blend crude at a premium of $2.55 a barrel to European benchmark Dated Brent, unchanged from March, according to a document obtained by Bloomberg News.
China International United Petroleum & Chemical Co., known as Unipec, was the highest bidder and awarded the entire volume of 2.6 million barrels of Masila for May loading, according to the document.
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