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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.
OIL
Saudi Aramco has raised the official selling prices for most grades to Asian and Mediterranean customers but left most prices to the US and NW Europe unchanged. Aramco raised its May prices for heavier grades the most supported by Saudi Arabia oilfield maintenance, OPEC+ production cuts and rising domestic consumption in several Middle East countries according to Reuters.
- Saudi Arabia OSP raised the official selling price for Arab Light crude for Asia for the second consecutive month by $0.3/bbl in May to $2.0/bbl above the Oman/Dubai average.
- Refining sources from Bloomberg and Reuters had expected Saudi Aramco to raise the Arab Light OSP for May by between $0.1-$0.3/bbl.
- The Arab Light OSP for Mediterranean customers in May was set at -0.1/bbl compared to -0.2/bbl last month.
- Arab Light OSPs for Northwest Europe is unchanged at a $0.3/bbl premium to ICE Brent and to the US is a $4.75/bbl premium to ASCI.
- The OPEC+ JMMC meeting earlier this week agreed to keep current supply cuts in place as oil markets strengthen partly driven by tighter supply due to pledged production cuts.
Source: Reuters
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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