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Middle East Crude-Benchmarks rise, Qatari OSPs emerge

Middle East crude benchmarks rose back to 15-month highs buoyed by an overall hike in most Gulf official selling prices and as Qatar, the last country to release its official selling prices (OSPs), raised its August prices on Wednesday.

QATAR
*Qatar has set its August retroactive OSP for its Marine crude at $49.95 a barrel, up $3 a barrel from the previous month, according to a document seen by Reuters on Wednesday.

*The following table shows the latest OSPs and their differentials to Dubai in brackets. August July Change Qatar Marine 49.95 (-0.27) 46.95 (-0.62) +3.00 (+0.35) Qatar Land 50.90 (+0.68) 47.80 (+0.23) +3.10 (+0.45)

IRAQ
*Iraq’s SOMO will sell 2 million barrels of Basra Heavy crude for loading in November via DME auction on Sept. 19, two trade sources said.

*State oil firm will also auction 2 million barrels of November-loading Basra Light crude via DME on Sept. 20.

*Both cargoes will load over Nov. 23-28, one source added.

*SOMO sold 2 million barrels of Basra Heavy at a premium of $1.63 per barrel and another 2 million barrels of Basra Light at a 17 cents per barrel premium last month via DME auction. Both deals for October-loading cargoes were priced against the grades’ OSP.

WINDOW
*23 November Dubai partials traded on the Window on Wednesday, with Unipec emerging as the main seller of 18 of those partials.

*Unipec will deliver a November cargo of Upper Zakum crude to Shell following the deals.

*The transactions set cash Dubai’s premium to swaps at 32 cents a barrel, up 5 cents from the previous session. DME Oman’s premium to Dubai swaps gained 4 cents to 61 cents per barrel.

*BP bid 25 cents per barrel above Dubai for a November Upper Zakum crude cargo. Seller-Buyer Price Unipec-Vitol 52.90 Unipec-Vitol 52.90 Unipec-Shell 52.90 Totsa-Shell 52.90 Unipec-Shell 52.90 Unipec-Shell 52.90 Unipec-Shell 52.90 Totsa-Shell 52.90 Unipec-Shell 52.90 Unipec-Shell 52.90 Unipec-Shell 52.90 Unipec-Shell 52.90 Unipec-Vitol 52.90 Unipec-BP 52.90 Unipec-Shell 52.90 Unipec-BP 52.90 Totsa-Shell 52.90 Unipec-BP 52.90 Unipec-BP 52.90 Totsa-Shell 52.90 Unipec-BP 52.90 Totsa-Shell 52.90

*Mercuria-Unipec 52.70 Unipec-BP 52.90 PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 53.19 52.46 DME OMAN DIFF TO DUBAI 0.61 0.57 CASH DUBAI 52.90 52.16 REFINERY

*Mexican state oil company Pemex expects Salina Cruz refinery, the country’s largest, to be up and running in three or four weeks once it has repaired the electrical system damaged by an earthquake last week.

MARKET NEWS
*China’s crackdown on pollution is choking output of chemicals, fuels and other materials in Shandong province as plants curb or cut operations amid random environmental checks.

*Royal Dutch Shell is seeking to sell Iraq’s Majnoon oilfield and the oil ministry has started preparations to finalise its exit, according to an oil ministry letter and oil officials.

OPEC, NON-OPEC NEWS
*OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices.

*The U.S. Energy Information Administration on Tuesday revised both its 2017 and 2018 oil production forecast figures lower to reflect, in part, the effects of Hurricane Harvey. For crude prices, oil product cracks and refining margins, please click on the RICs below. Brent Dubai DME Oman Brent/Dubai EFS PRODUCT CRACKS Fuel oil crack Gasoil crack Naphtha crack Complex refining margins
Source: Reuters (Reporting by Mark Tay; Editing by Keith Weir)

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