(Corrects time scale to 8 weeks in first paragraph.)
Qatar Marine crude dropped to the lowest price in almost eight weeks compared with its official selling price.
Qatar Marine (PGCPQRMR) fell 7 cents to 35 cents below its official selling price, the biggest discount since Feb. 1, according to data compiled by Bloomberg. Abu Dhabi’s Upper Zakum (PGCPUPZK) slid 40 cents to 12 cents under its OSP, the first discount since March 1, the data shows.
Refinery-profit margins in Singapore have averaged $1.48 a barrel over the last five days, according to data compiled by Bloomberg, compared to a 30-day average $2.67.
OAO Rosneft (ROSN), Russia’s largest oil producer, offered two 100,000-ton cargoes of East Siberian Pacific Ocean crude, or ESPO, for loading May 19 to May 22 and May 30 to June 2, according to two traders who participate in the market, declining to be identified because the information is confidential. Bids close today.
The May Brent-Dubai (PVMMDBSP) exchange for swaps, which measures the European marker grade’s premium against the Middle East oil, fell 6 cents to $4.09 a barrel, according to data from PVM Oil Associates Ltd., a London-based brokerage. The June EFS dropped 5 cents to $4.07.
Dubai crude’s backwardation, when the price for delivery now is greater than that for later, narrowed by 2 cents. Swaps for April were $1.58 a barrel more than June, according to PVM data.
Oman crude for May rose 49 cents to $121.77 a barrel on the Dubai Mercantile Exchange at 4:48 p.m. Singapore time with contracts 1,393 contracts traded. The contract settled at $121.78 at 12:30 p.m. Dubai time.
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