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OIL
The reduction in Saudi Arabia OSPs to Asia by less than expected is likely to turn Asian buyers more to the spot market for cargoes according to a Bloomberg survey.
- Saudi Arabia yesterday cut all official selling prices for Jan including the Arab Light OSP to Asia but by less than expected with a cut of 0.50$/bbl compared to a Bloomberg survey expecting a cut of 1.05$/bbl.
- At least two customers are considering reducing their intake for January loading according to refiners and traders.
- Refiners could look for physical cargoes from the Persian Gulf spot market due to a recent drop in prices while rising US crude volumes are adding to the market competition.
- A drop in the Oman futures premium over Dubai swaps to the lowest in more than six months suggests softening Asia crude demand for February-loading cargoes.
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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