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ADNOC issues September IFAD-based OSP for Murban at $73.50/b

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ADNOC issues September IFAD-based OSP for Murban at $73.50/b

Highlights

Murban August OSP was $72.34/b

Sept differential for Umm Lulu set at plus 5 cent/b to Murban OSP

Das Blend, Upper Zakum remain at discount to Murban OSP

Abu Dhabi National Oil Co. has set the September official selling price for its flagship Murban crude oil at $73.50/b, the fourth OSP issuance after the launch of the Murban Futures contract on the ICE Futures Abu Dhabi exchange, the company said in a notice Aug. 1. The August OSP was $72.34/b.

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The September OSP differential for Umm Lulu was set at plus 5 cent/b to the Murban OSP, up from parity for August, for an equivalent of $73.55/b.

The September differential for Das Blend was set at a discount of 30 cent/b to the Murban OSP, compared with a 35 cents/b discount for August, for an equivalent of $73.20/b.

The September differential for Upper Zakum was set at an 80 cent/b discount to the Murban OSP, compared with a 60 cents/b discount in August, for an equivalent of $72.70/b.

Traders said differentials for ADNOC's lighter grades Umm Lulu and Das Blend were expected to remain unchanged to the Murban OSP, while Upper Zakum's discount to Murban was likely to be widened on the back of a wider spread between benchmark Dubai and IFAD Murban futures, although high production levels for Murban were thought to put a cap on the spread.

ADNOC and ICE launched the UAE-based IFAD -- on which the Murban futures contract and 18 cash-settled derivatives and inter-commodity spreads trade -- on March 29.

The OSPs for Murban exports are based on the monthly average of the IFAD Murban Singapore marker first line future, which go to delivery two months ahead of the month of trade.

The Murban crude delivery for the September futures contract was 11,497 lots, or 11.5 million barrels, the highest since IFAD was launched, ICE said July 30.

Front-month IFAD Murban averaged $3.25/b over front-month Dubai futures in July, whereas Cash Dubai averaged at a premium of $2.35/b. The spread of 90 cents/b between the two in July was up from 77 cents/b in June.

Unit: $/b

Source: ADNOC

Grade
July
Aug
Sept.
Sept. differential to Murban
Murban
66.7
72.34
73.50
--
Umm Lulu
66.65
72.34
73.55
5 cents
Das
66.35
71.99
73.20
-30 cents
Upper Zakum
66.20
71.74
72.70
-80 cents