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OIL
Prices of key Middle Eastern oil have surged higher this week driven by demand from Asian refiners in China to Japan.
- The August-loading Oman crude differential to the Dubai benchmark jumped to more than 2$/bbl compared with 0.6 to 0.7$/bbl last week according to Bloomberg while the premium for Abu Dhabi’s Murban grade also gained.
- Rising prices have been driven by buying from refiners in China, Japan and Thailand according to Bloomberg sources.
- The Platts window volume surges with activity from Total, Shell and Unipec with almost 40 Oman cargoes and two Upper Zakum shipments from the UAE have been delivered.
- The backwardation in prompt Dubai swaps also strengthened to the widest in six weeks and the Brent-Dubai EFS was narrow at under 1$/bbl.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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