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Prompt intermonths for Dubai crude widen; focus on next trade cycle Prompt intermonth spreads for benchmark Dubai crude widened mid-morning Jan. 27, as focus shifts to trade activity for April-loading cargoes. At 11 am in Singapore (0300 GMT), the March/April Dubai time spread was valued at 30 cents/b, up 2 cents/b from the Asia close Jan. 26, S&P Global Platts data showed. The April/May Dubai intermonth spread was pegged at 40 cents/b, up 3 cents/b from the previous day, the data showed. Traders were busy in discussions about the new trade cycle that commences with concerns about demand, COVID-19 outbreaks and carry over of unsold cargoes from the current March-loading cycle. ....
Asia crude – Key market indicators this week The Asian crude oil market was trading lower at the start of the week ending Jan. 30, as rising coronavirus cases in the Asia-Pacific region and in Europe weighed on demand outlook. March ICE Brent crude futures was pegged at $55.25/b at 0300 GMT Jan. 25, down 7 cents/b from the Asian close Jan. 22. Middle East crude Trade activity for March-loading cargoes is likely to ease in the week of Jan. 25, as the month draws to a close and purchases by Asian buyers near completion, although some prompt demand could emerge. The previous week saw demand for Middle East crude increase, with purchase tenders issued by key Asian economies namely India, China, Taiwan, Thailand and Japan. On the back of increased buying, spot differentials for various Middle East grades traded in premiums compared to steep discounts in the last few weeks. ....
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. ....