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Dubai crude complex steady as traders digest Saudi OSP hikes for light grades

Singapore — The Dubai sour crude complex was steady during mid-morning trade in Asia Tuesday as market participants digested the release of official selling prices from Saudi Aramco overnight for its January-loading cargoes to the region.

Saudi Aramco raised the OSP for Asia-bound cargoes of its flagship Arab Light crude by 30 cents/b for January, the company said late Monday. The January Arab Light OSP to Asia is now $3.70/b above the average of Oman and Dubai crudes.

The company also raised the January prices of its Extra Light and Super Light grades by 70 cents/b and $1.70/b, respectively, to $5.80/b and $8.45/b over the benchmark.

It cut the January OSP for Arab Medium by 10 cents/b to a premium of $2.05/b to Oman/Dubai, while the Arab Heavy differential was cut 60 cents/b from November to a discount of 15 cents/b to Oman/Dubai.

Dubai futures intermonth spreads were little changed after the release of the OSPs. The January/February spread was pegged at 84 cents/b at 11 am in Singapore Tuesday (0300 GMT) after being assessed at 86 cents/b at 4:30 pm Singapore time (0830 GMT) Monday. The February/March spread was pegged at 68 cents/b at 11 am Tuesday, after being assessed at 70 cents/b Monday.

The February Brent/Dubai Exchange Futures for Swaps spread narrowed slightly to be pegged at $2.71/b at 11 am Tuesday after being assessed at $2.77/b Monday at the close of trading in Asia.

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

-- Edited by Wendy Wells, wendy.wells@spglobal.com