S&P Global Platts has started publishing differentials to front-month Dubai Futures for Oman Blend, Upper Zakum, Das Blend and Umm Lulu, as well as benchmark Platts cash Dubai from June 1, 2021.
Platts Dubai is the most widely used pricing reference for both spot and term barrels of oil loading from the Middle East and Eastern Russia.
Most Middle East crude trades as a differential to Platts front-month Dubai or against the grades' respective official selling prices that settle against the average of Dubai and Oman markers. Cash Dubai's spread to same-month Dubai futures is a key reference in the spot trade of other Middle East grades and plays a role in the calculation of monthly OSPs by Middle East producers.
The new differentials will reflect the spread between the Platts outright assessment of each grade loading M+2 against same-month Dubai crude futures, which settle on the monthly average of the Platts cash Dubai assessment.
For example, in June, Platts will publish differentials for August-loading cargoes of Oman, Upper Zakum, Das Blend, Umm Lulu and Dubai against August Dubai futures.
Platts first announced the planned launch in a subscriber note published May 5: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/050521-platts-to-launch-differentials-to-front-month-dubai-futures-for-all-dubai-basket-abu-dhabi-crude-assessments
The new differentials will add to Platts existing assessments for Qatar's Al Shaheen, Abu Dhabi's Murban, and Far East Russian ESPO crude grades against front-month Dubai.
With this launch, Platts now publishes Dubai differentials for all grades that comprise the Dubai crude basket, namely Dubai, Upper Zakum, Al Shaheen, Oman and Murban.
Platts also publishes Dubai differentials for all crude grades exported from Abu Dhabi -- Murban, Upper Zakum, Das Blend and Umm Lulu -- that are now commonly traded in the spot market against front-month Dubai.
The daily as well as monthly average of the differentials to front-month Dubai Futures for Dubai, Oman, Upper Zakum, Das Blend and Umm Lulu will be published in Platts Crude Oil Marketwire, Platts Oilgram Price Report, Platts OPR Price Average Supplement, on Platts Global Alert pages 2220, 2221, 2222, 2223, 2230 and 2231 and in the Platts assessment database under the following price symbol codes:
Grade Daily Monthly
Cash Dubai Diff vs Dubai DBDDC00 DBDDC03
Cash Oman Diff vs Dubai DBDOC00 DBDOC03
Upper Zakum Diff vs Dubai DBDUZ00 DBDUZ03
Das Blend Diff vs Dubai DBDDS00 DBDDS03
Umm Lulu Diff vs Dubai DBDUL00 DBDUL03
In addition to Dubai differentials for Murban, Das Blend and Umm Lulu, Platts also publishes differentials for these grades against their OSPs. However, Platts understands these grades typically no longer trade against their respective OSPs. While Platts continues to assess the OSP differentials for Murban (AAKUB00), Das Blend (AAXPF00), and Umm Lulu (AUFAB00), Platts will no longer publish these in the Platts Crude Oil Marketwire from June 1. Platts will continue to publish them on pages PGA2220, PGA2221, PGA2222 and PGA2223.
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