Prompt intermonths steady for Dubai crude though demand seen easing
Prompt intermonth spreads for benchmark Dubai crude were steady mid-morning Jan. 25, despite demand for Middle East crude expected to ease as the month nears completion.
At 11 am in Singapore (0300 GMT), the March/April Dubai time spread was pegged at 29 cents/b, unchanged from the Asia close Jan. 22, S&P Global Platts data showed.
The April/May Dubai intermonth spread was pegged at 35 cents/b, up 2 cents/b from the previous day, the data showed.
Taiwan’s CPC had issued a tender for purchase of Middle East crude. The refiner was heard to have bought two 500,000 barrel cargoes of March-loading Upper Zakum crude at nominal discounts to the grade’s official selling price.