S. Arabia raises June Arab Light crude price to Asia to near 4-yr high
Petroleumworld 05 04 2018
Saudi Aramco said on Wednesday it has raised the June price for its Arab Light grade for Asian customers by $0.70 a barrel versus May to a premium of $1.90 a barrel to the Oman/Dubai average, the highest since August 2014.
A majority of the respondents in a Reuters survey on Tuesday had expected Aramco to implement a modest price hike for June after a surprise increase in May.
But the June price hike was slightly above what was expected by most of the respondents - 50-60 cents a barrel - and tracked a rebound in Middle East benchmark Dubai prices last month as Asian buyers bought more Dubai-linked crude after Brent's premium to Dubai widened.
The company dropped its Arab Light OSP to Northwest Europe by $1.25 for June from the previous month at a discount of $4.20 a barrel to the ICE Brent, reflecting weak demand in the region.
Similar-quality Russian Urals crude is selling at the widest discount in seven years as an influx of U.S. crude and refining maintenance in Europe crimped demand for sour oil.
The Arab Light OSP to the United States was set at a premium of $0.70 a barrel to the Argus Sour Crude Index (ASCI) for June, up 10 cents a barrel from the previous month.
MAY JUNE CHANGE EXTRA LIGHT +3.10 +2.90 -0.20 LIGHT +0.60 +0.70 +0.10 MEDIUM -0.80 -0.80 0.00 HEAVY -1.95 -1.95 0.00
Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent: NW EUROPE
MAY JUNE CHANGE EXTRA LIGHT -0.90 -2.50 -1.60 LIGHT -2.95 -4.20 -1.25 MEDIUM -4.70 -6.10 -1.40 HEAVY -6.70 -8.35 -1.65
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average: ASIA
MAY JUNE CHANGE SUPER LIGHT +5.10 +6.30 +1.20 EXTRA LIGHT +2.35 +3.25 +0.90 LIGHT +1.20 +1.90 +0.70 MEDIUM -2.85 -0.05 +0.80 HEAVY -2.05 -1.35 +0.70
Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against the ICE Brent: MEDITERRANEAN
MARCH FEBRUARY CHANGE EXTRA LIGHT -0.70 -1.65 -0.95 LIGHT -2.70 -3.50 -0.80 MEDIUM -4.35 -5.25 -0.90 HEAVY -5.60 -6.70 -1.10
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Reporting by Dubai Newsroom Additional reporting by Florence Tan in SINGAPORE Editing by Elaine Hardcastle and Kenneth Maxwell from Reuters.
reuters.com / 05 03 2018
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