CRUDE MOC: Dubai structure little changed, more OSPs emerge

New York — Benchmark Dubai crude structure was little changed on July 8, as more official selling prices emerged after Saudi Aramco's hikes earlier in the week.

The Dubai cash/futures spread was assessed at $1.08/b at the 4:30 pm Singapore close (0830 GMT) on July 8, up 2 cents/b day on day.

Steady supply-demand fundamentals have been keeping market sentiment largely stable, even as sources said that any substantial recovery was still limited by a tepid demand outlook.

Meanwhile, Abu Dhabi National Oil Company set the August official selling price of its Murban crude at Platts Dubai plus $1.75/b, up 75 cents/b from July.

ADNOC raised the spread between medium crude grade Upper Zakum and Murban, from parity in July to a 20 cents/b premium for August. The supplier kept the spreads for Das Blend and Umm Lulu unchanged against Murban for August at a 35 cents/b discount and at parity, respectively.

More spot trading activity was expected to commence with the release of further OSPs from other key producers.

Meanwhile, one 25,000-barrel partial traded during the Platts Market on Close assessment process on July 8. That brought the total number of partials traded in July to 15.

The trade on July 8 saw one September Dubai partial traded between buyer Total and seller Reliance.

The spread between cash Dubai and cash Oman was stable on the day at 19 cents/b, Platts data showed.