In this list
Oil

Saudi Aramco raises all Asia-bound May OSPs, cuts most US and Europe OSPs

Commodities | Energy | Electric Power | LNG | Natural Gas | Natural Gas (North American) | Oil | Crude Oil | Refined Products | Gasoline | Metals | Steel | Shipping | Tankers | Coronavirus

Market Movers Americas, April 12-16: US gasoline markets priming for stock build

Electric Power

Platts Forward Curves – Gas and Power

Oil | Crude Oil | Coronavirus | Energy Transition | Macroeconomics

37th Asia Pacific Petroleum (APPEC 2021)

Coal | Coking Coal | Metals | Steel | Raw Materials

Trade Review: Asia's met coal trapped in a season of low prices

Oil

Brent/Dubai spread an indicator to watch amid shifting crude oil flows

Saudi Aramco raises all Asia-bound May OSPs, cuts most US and Europe OSPs

Highlights

Asia Arab Light OSP up by 40 cent; Medium, Heavy by 50 cent

Dubai's premium to front-month futures rose 50 cent in March

Saudi cuts Arab Light OSP for US; Europe unchanged

Singapore — Saudi Aramco raised official selling prices for all its Asia-bound crude grades while cutting prices for most US and Europe bound crude grades, the company said in a notice on April 4.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

For Asia crude, the May differentials against Dubai/Oman for Saudi Light was raised by 40 cents and Medium and Heavy by 50 cents from April levels.

This was largely in line with a stronger market structure for benchmark Dubai in March. Cash Dubai's premium to front-month Dubai futures – understood to be a key component in OSP calculation – averaged $1.19/b in March, up 50 cents from February.

For US-bound crude, differentials for Saudi Light, Medium and Heavy grades were cut by 10 cents/b, while the differential for Extra Light grade was raised by 10 cents/b from its April OSP.

The May OSPs for Northwest Europe were kept unchanged for the Extra Light, Medium and Heavy grades from April, while the OSP for the Arab Light grade was cut by 20 cents/b, pricing against ICE Brent.

Similarly, for crude destined for Mediterranean, the OSPs for the Extra Light and Light crude grades were slashed by 30 cents/b and 20 cents/b, respectively, while OSPs for the Medium and Heavy grades were unchanged from the April OSP.

Post the OPEC+ meet last week, Saudi Arabia and the other alliance members agreed to ease production cuts gradually and raise their oil production quotas over the next three months, four sources involved in the April 1 talks told S&P Global Platts.

Additionally, Saudi Arabia said it will unwind its voluntary 1 million b/d in extra cuts by 250,000 b/d in May, 350,000 b/d in June and 400,000 b/d in July.

Grade
Destination
Basis
Mar. OSP
Apr. OSP
May OSP
Change
Superlight
Asia
Oman+Dubai
1.85
2.35
2.55
0.2
Extra Light
Asia
Oman+Dubai
0.6
1.2
1.6
0.4
Light
Asia
Oman+Dubai
1
1.4
1.8
0.4
Medium
Asia
Oman+Dubai
0.75
0.95
1.45
0.5
Heavy
Asia
Oman+Dubai
0.3
0.3
0.8
0.5
Extra Light
USA
ASCI
1.2
1.5
1.6
0.1
Light
USA
ASCI
0.85
0.95
0.85
-0.1
Medium
USA
ASCI
0.15
0.25
0.15
-0.1
Heavy
USA
ASCI
-0.2
-0.2
-0.3
-0.1
Extra Light
Mediterranean
ICE Brent
-0.1
-1.1
-1.4
-0.3
Light
Mediterranean
ICE Brent
-0.2
-1.9
-2.1
-0.2
Medium
Mediterranean
ICE Brent
-0.8
-2.5
-2.5
0
Heavy
Mediterranean
ICE Brent
-1.3
-3.2
-3.2
0
Extra Light
NWE
ICE Brent
-0.4
-1.9
-1.9
0
Light
NWE
ICE Brent
-0.5
-2.2
-2.4
-0.2
Medium
NWE
ICE Brent
-0.9
-2.6
-2.6
0
Heavy
NWE
ICE Brent
-1.3
-3.1
-3.1
0