11 Jan 2021 | 05:07 UTC — New York

Kuwait's KPC raises February crude OSPs to Asia, lowers prices to US, Europe

Highlights

Asia bound grades raised by 20-50 cents/b

Med and Northwest Europe bound crude lowered by 80 cents/b

New York — Kuwait Petroleum Corp. raised its February official selling prices for crude bound for Asia, while it lowered prices of its crude heading to the United States and Europe, according to a notice seen by S&P Global Platts Jan. 11.

KPC raised the OSP differential of its Asia-bound barrels of Kuwait Export Crude by 40 cent/b to plus 65 cents/b against the average of Oman and Dubai crude assessments for February.

The differential for its Kuwait Super Light crude to Asia also increased, from plus 10 cents/b in January, to plus 60 cents/b for February.

KPC also increased its OSP differential for its Asia-bound Khafji crude by 20 cents/b to a 30 cents/b premium to Oman/Dubai.

Meanwhile, KPC decreased the February price of KEC delivered to USGC by 5 cents/b to a $1.35/b premium against the Argus Sour Crude Index, or ASCI. The FOB KEC to the US also was lowered by 5 cents/b to ASCI plus 5 cents/b.

For KEC barrels bound for Northwest Europe in February, KPC lowered values by 80 cents/b to Dated Brent minus $2.15/b. The OSP differential for February loadings headed to the Mediterranean was also decreased by 80 cents/b to minus $1.20/b against the same benchmark. The OSP differential for FOB Sidi Keri decreased $1/b to Dated Brent minus 70 cents/b.

Grade/Location
Basis
Jan. OSP
FEB OSP
Change
KEC to Asia
Oman+Dubai
0.25
0.65
0.4
KSLC to Asia
Oman+Dubai
0.1
0.6
0.5
Khafji FOB Asia
Oman+Dubai
0.1
0.3
0.2
KEC FOB to US
ASCI
0.1
0.05
-0.05
KEC ex-ship delivered to USGC
ASCI
1.4
1.35
-0.05
KEC FOB to Med
Dated Brent
-0.4
-1.2
-0.8
KEC FOB to NWE
Dated Brent
-1.35
-2.15
-0.8
KEC FOB Sidi Kerir
Dated Brent
0.3
-0.7
-1

Editor:

Agamoni Ghosh