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Singapore Spot cash premiums for June-loading barrels of Malaysian and Vietnamese crude oil have eased on the month amid demand concerns as COVID-19 cases spike in Asia, ample availability of arbitrage cargoes, and a wide Brent/Dubai EFS, market participants said. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now COVID-19 resurgences in key demand centers in Asia, such as Thailand and India, raised concerns on demand for regional crudes weakening, they said. There is a potential for further lockdowns in Thailand and India due to COVID-19. Thailand is one of the biggest buyers of regional crude, if the movement restrictions increase, the demand for regional crude will not be good, said a source with a trading house. ....
Singapore The front-month Brent/Dubai Exchange of Futures for Swaps, or EFS, spread narrowed in midmorning Asia trading April 13 but was still above the $3/b mark as tender activity in the Middle East crude oil market commences for June-loading barrels. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The June Brent/Dubai EFS was pegged at $3.07/b at 11 am Singapore time (0300 GMT) on April 13, narrowing 11 cents/b from the Asian close on April 12, S&P Global Platts data showed. The Brent/Dubai EFS is a key indicator of the spread between light, sweet and heavy, sour crudes, and a narrower EFS makes crude priced against Dubai less economically attractive for Asian refiners compared with Brent-linked ones. ....
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now ICE June Brent crude futures was pegged at $63.05/b at 0309 GMT April 12, 34 cents/b higher from the 0830 GMT Asian close April 9. Middle East crude The week ahead will focus on buy and sell tenders for Middle East crude, including Qatar Petroleum s Al-Shaheen tender, post issuance of official selling prices by the region s producers. In the week ended April 10, Saudi Aramco, Abu Dhabi National Oil Co and Qatar Petroleum issued OSPs for their respective crude grades. While Aramco raised prices for Asia-bound crude by 20-50 cents/b, ADNOC raised prices by 35 cents/b and Qatar by 5-15 cents/b. OSPs from Iraq s State Oil Marketing Organization and Iran s NIOC are now awaited. ....
The crude oil market in Asia was higher at the start of the week of April 11 after robust economic data over the past week from several key economies, including the US, reflected improving demand fundamentals. ICE June Brent crude futures was pegged at $63.05/b at 0309 GMT April 12, 34 cents/b higher from the . ....
Asia crude oil: Key market indicators this week Crude oil futures retreated marginally during mid-morning trade in Asia April 5, after the OPEC+ alliance announced its plans late April 1 to gradually taper off production cuts from May to July. Middles East The week commences with eyes on issuance of official selling prices by various Middle East oil producers. Saudi Aramco issued OSPs for Asian bound crude with a hike of 20-50 cents/b across their various crude grades. OSPs by other producers namely ADNOC, Iraq’s SOMO and Qatar Petroleum are awaited. Focus also remains on the decision by the OPEC+ alliance to gradually ease oil production cuts, including Saudi’s voluntary cuts. With fresh COVID-19 outbreaks and tepid demand scenarios, the impact of additional oil supplies will be closely watched by the market. ....