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Brent/Dubai EFS widens from 3-week low after fresh oil rig data

The spread between ICE Brent futures and Dubai crude futures widened mid-morning Friday from a three-week low on the back of an uptick in Brent crude futures following the release of fresh oil rig data.

Brent/Dubai Exchange of Futures for swaps was notionally pegged at $2.26/b, at 11 am in Singapore (0300 GMT) Friday.
This was 8 cents/b higher from $2.18/b, which was assessed at 4:30 pm in Singapore (0830 GMT) Thursday.

The spread has widened as front-month ICE Brent October futures rose 18 cents/b from Thursday’s settle to $60.10/b at 11 am in Singapore (0300 GMT) Friday.

Brent prices rose mid-morning Friday following the release of data showing that total US oil and gas rig count slipped below 1,000 for the first time in nearly 28 months.

While front month Dubai futures intermonth spreads remained firm, forward intermonth spreads have eased slightly mid-morning Friday.

The October/November Dubai futures spread was pegged at 88 cents/b, while the November/December Dubai futures spread was pegged at 77 cents/b at 11 am in Singapore (0300 GMT) on Friday.

This compares with the 90 cents/b and 82 cents/b assessments for the two respective spreads on Thursday.

The forward month spreads have weakened despite renewed threats from Iran that maritime security in the Middle East will remain at risk if its oil exports were brought down to zero.

Meanwhile, a cargo of Abu Dhabi’s medium sour Upper Zakum crude was declared during the Platts Market on Close assessment process for Middle East sour crude in Asia Thursday, making it the sixth such declaration this month.

The cargo was declared off a convergence of Dubai partials, when Shell purchased its 20th partial of 25,000 barrels from Unipec during Thursday’s MOC process at an outright price of $60.30/b.

This is the sixth October convergence declared this month off Dubai partials, as well as the sixth Upper Zakum cargo declared via these convergences.
Source: Platts

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