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Crude oil futures face conflicting pressures over May 4-6 from reduced demand in China and the EU set to consider imposing an embargo on Russian supply. At 0215 GMT May 4, front-month July ICE Brent crude futures stood at $105.86/b, up 89 cents/b (0.85%) from the May 3 settlement. Middle East crude ** Official selling ...
Middle East oil producers continue to hike their prices despite the fact that heavily-discounted Russian crude is making its way to the same, heavily contested Asian market
Asia crude oil: Key market indicators for June 28-July 2 In the week of June 28-July 2, crude oil will continue its climb as market sources expect the OPEC+ coalition to announce only a marginal increase in production quotas in August. August ICE Brent crude futures were pegged at $76.07/b at 0200 GMT June 28, 35 cents/b higher from the 0830 GMT Asian close on June 25. Middle East Crude ** Market participants await the issuance of August official selling prices with a price hike for lighter crude grades on the back of a stronger sour complex this month. ** India’s crude demand is in focus a...
Source: Saudi Aramco. This being said, Saudi Aramco decided on a 20-50 cents per barrel increase with its Asia-bound May 2021 prices. Interestingly, the heavier the grade the bigger was the month-on-month hike, with both Arab Heavy and Arab Medium witnessing 50-cent upward moves, fuelling speculation that spot trading will bring about deep discounts to the OSP. After a blatantly weak February (4.56mbpd), Saudi loadings en route to Asian customers remained tame in March 2021 at 4.58mbpd. Compared to January 2021 (5.36mbpd), Saudi exports to Asia have fallen by more than 10% over the course of ...
Saudi Arabia may raise light crude prices for Asia in April Top oil exporter Saudi Arabia is expected to raise its official selling prices (OSPs) for light crude grades for Asia in April, tracking stronger Middle East benchmarks and refining margins, a Reuters survey showed on Tuesday. Sources at five Asian refiners expect the April OSP for flagship Arab Light crude to increase by an average of 16 cents a barrel, which would take it to the highest level since August last year. Their forecasts ranged from increases of 5 cents to 30 cents, in line with gains in benchmarks DME Oman and cash Duba...