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Middle East Crude-Light grades stay firm; Murban trades at premium

Light grades in the Middle East crude market stayed firm on Thursday after Murban traded at a premium. ABU DHABI: Shell bought a Murban cargo from BP at 20 cents a barrel above Bill of Lading (B/L) month’s OSP for loading between Jan. 1 and Jan. 25 during the Platts window, traders said. Spot premiums are down from more than 40 cents in previous month’s trades after ADNOC raised October Murban’s OSP to the highest premiums against Dubai quotes since June 2016. Light crude supplies from Abu Dhabi will also rise as Japan’s Cosmo Energy Holdings said the offshore Hail oilfield started commercial production on Tuesday.

SAUDI ARABIA: Saudi Aramco will supply full contractual volumes of crude to three North Asian refiners in December, three sources with direct knowledge of the matter said. It was not immediately clear if Saudi Aramco would keep supplies steady to other buyers in the region as some are yet to receive their allocations for the month, the trade sources said.

CONDENSATE: Inpex plans to ship a 350,000-barrel cargo of field condensate from its Australia Icthys project in March, Shigeharu Yajima, senior vice president of global energy marketing, told a conference in Penang, Malaysia. The cargo will be sold as a spot parcel on a cost-and-freight (CFR) basis, he said. The field condensate will yield about 34 percent heavy naphtha, an oil product typically used for petrochemical feedstocks or for gasoline, while light naphtha and LPG will together have a yield of 12 percent, said Yajima.

WINDOW: Cash Dubai rose 4 cents to 86 cents above swaps following four January partials deals. Seller-Buyer Price Glencore-Vitol 61.6 Glencore-Vitol 61.6 Reliance-Mercuria 61.6 Reliance-Mercuria 61.61

PRICES ($/BBL) CURRENT PREV SESSION

DME OMAN 61.60 61.78

DME OMAN DIFF TO DUBAI 0.85 0.80

CASH DUBAI 61.61 61.80

TENDERS COUNTRY/COMPANY GRADE VOL CLOSE (VALID) LOADING DATE **

QATAR/QP s:DFC/LSC Nov 14 (Nov 15) Jan **

INDONESIA/PER b:condensate 3*650KB Nov 10 (Nov 14) Jan arr

TAMINA INDIA/BPCL b:sweet/sour Nov 9 (Nov 10) Dec-Jan

INDIA/IOC b:sour Nov 9 Dec-Jan

TENDERS AWARD COUNTRY/COMPANY GRADE VOL COUNTERPARTY/PRICE LOADING DATE *

INDIA/IOC b:Akpo 1000KB Total Dec 8-17

NEWS

Shell has agreed to exit the Majnoon oilfield and hand over its operation to the state-run Basra Oil Co. by the end of June 2018, two oil officials close to the deal said. Saudi Arabia’s energy minister said on Wednesday Turkmenistan presents investment opportunities for Saudi companies such as oil company Aramco which is looking at investing in oil and gas globally. PDVSA has not made debt payments to India’s top oil producer ONGC for six months, and has previously used a Russian state-owned bank and another Indian energy company as intermediaries to make payments, two sources familiar with the transactions said. Less than two months before strict European Union rules on derivatives come into force, most large oil traders have persuaded regulators to exempt them for now from limits on the positions they can hold, arguing they are not speculators.
Source: Reuters (Reporting by Florence Tan; Editing by Sherry Jacob-Phillips)

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