The December Brent/Dubai spread widened a tad Oct. 20 while market participants focused on the outcomes of spot tenders for various Middle East crude for further cues on end month activity.
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At 11am in Singapore (0300 GMT), the December Brent/Dubai EFS was pegged at $4.19/b, up 13 cents/b from the Asian close on Oct. 19, S&P Global Platts data showed.
Trade activity in the Middle East crude market remains stable with results of some spot tenders keenly awaited, sources said.
The outcome of Taiwan's CPC tender seeking unspecified volumes of December-loading crude from the Middle East is awaited. The tender closed Oct. 19 with validity Oct. 21.
Iraq's SOMO issued a tender offering two million barrels of December-loading Basrah Light crude. The tender closed Oct. 19 with same-day validity.
Meanwhile, more ESPO Blend crude loading in December exchanged hands although at lower premiums, trade sources said.
Russia's Surgutneftegaz was heard to have sold, via tender, four end December-loading cargoes at premiums of around $5/b-$5.70/b to Platts front-month Dubai crude assessments.
The cargoes were heard to be sold to Vitol, Mitsui and Chemchina but the information could not be confirmed.
Cash premiums were lower compared to earlier tenders when cargoes were heard traded at differentials of around $5.70/b-$6.10/b to Platts front-month Dubai crude assessments.
The intermonth spreads were little changed at 11am in Singapore.
The November/December Dubai crude futures spread was pegged at $1.06/b, up 1 cent/b from the Asian close on Oct. 19, Platts data showed.
The December/January spread was pegged at 87 cents/b, also up 1 cent/b from the previous day's close.