Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Short Urals Dec program sustains Middle East sour crude spreads

Bunker Fuel | Oil | Crude Oil | Refined Products | Metals | Steel | Raw Materials | Shipping | Marine Fuels

Market Movers Asia, Dec 9-13: Refiners downplay crude oil supply concerns amid deeper OPEC+ output cuts

Oil

Platts Market Data – Oil

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Middle East Bunker Fuel Conference

Oil | Refined Products

Analysis: Japan set for heavy autumn refinery turnaround in 2020; gasoil exports to drop

Short Urals Dec program sustains Middle East sour crude spreads

Highlights

Benchmark Dubai crude futures spreads firmed in midmorning trading in Asia on Tuesday, with a shorter December loading program for Russia's Urals crude lending support to Middle East sour grades of similar quality trading in Asia.

Not registered?

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

Register Now

Notional price values pegged at 11 am in Singapore (0300 GMT) Tuesday showed the December/January Dubai futures spread widening to $1.26/b from an assessed $1.22/b at the close of trading on Monday.

However, the January/February Dubai futures spread looked steady, and was pegged at 86 cents/b at 11 am, down a tick from Monday's assessment of 87 cents/b.

A shorter provisional loading program seen by S&P Global Platts showed preliminary December loadings ticking down 280,000 mt month on month. Total Urals crude loadings from the ports of Primorsk, Ust-Luga and Novorossiisk are set to total 720,000 mt in the first five days of December, the program showed, or averaging 1,041,120 b/d, compared with 1,446,000 b/d over the same period in November.

November loadings for Urals from the Baltic are already at their lowest in almost five years, with further tightness in the December program expected to raise prices on similar alternative crude grades, traders said.

"Medium sour still tight," a trader in Asia said of the spot market this month.

Middle East sour crudes have traded in firm premiums on the spot market this month. Most cargoes being picked up by Asian buyers are scheduled to load from the Persian Gulf in January, with some grades like Iraqi Basrah crudes trading for December loading instead.

Tenders awarded late last week showed strength for medium, high sulfur crude grades, such as Bahrain's Banoco Arab Medium crude. Japan's Fuji Oil was heard to have picked up a cargo of the grade at a premium close to 70 cents/b over the Arab Medium January OSP, market sources said.

December loading Basrah Light crude, a medium-heavy grade from Iraq, was also reported to have been sold at a premium of between $1/b and $1.30/b over its December OSP, according to traders on Tuesday. This was up considerably from what it traded last month. November loading cargoes of Basrah Light fetched between 15 cents/b to 65 cents/b premiums over the OSP in spot market deals.

-- Eesha Muneeb, eesha.muneeb@spglobal.com

-- Edited by Manish Parashar, manish.parashar@spglobal.com