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DUBAI FUTURES: Spreads rangebound as market looks for fresh cues

Singapore — The intermonth spreads for benchmark Dubai crude futures were rangebound at noon on Sept. 22 as the market awaited fresh pricing cues.

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At 0400 GMT (12 pm Singapore time), the October/November timespread was pegged at a contango of 21 cents/b, narrowing 2 cents/b from Sept. 21 Asian close.

The November/December timespread was pegged at a contango of 25 cents/b, widening 1 cent/b over the same period, Platts data showed.

"It's been really subdued since yesterday after so much activity last week, am now waiting to see if there are still any deals and offers this week, otherwise market is stable," a crude oil trader based in northeast Asia said.

There remains spot November-loading barrels on offer, according to trade sources.

Reflecting lingering bearish sentiment, the cash Dubai/futures spread collapsed again after showing slight recovery during the week ended Sept. 19.

The Dubai M1/M3 spread fell 26 cents/b from Sept. 18's Asian close to a discount of 74 cents/b on Sept. 21, Platts data showed.

Most trade sources were not optimistic about the outlook for sour crude, as tepid recovery in cracking margins continued to weigh on demand. This was especially so for medium and heavy crudes, sources said.

The second-month gasoil swap crack versus Dubai swap averaged at $3.81/b so far in September, sliding further from an average of $5.57/b seen in August, Platts data showed.