Arab Today, arab today saudi oil prices cooled by refinery shutdown
Last Updated : GMT 02:58:09
Arab Today, arab today
Arab Today, arab today

Saudi oil prices cooled by refinery shutdown

Arab Today, arab today

Arab Today, arab today Saudi oil prices cooled by refinery shutdown

Singapore - Arabstoday

Top oil exporter Saudi Arabia may cap increases in November crude official selling prices (OSPs) to Asian customers as the shutdown of Shell\'s Singapore refinery risks reversing the bullish tone in the market over the past month. Uncertainty about the duration of the outage led to a wider range of estimates for an increase in the kingdom\'s flagship Arab Light crude of between 10 cents and $1 (Dh3.67) a barrel. The top end of the range in the Reuters survey yesterday of seven traders, including five north-east Asian buyers of Saudi crude, would price Arab Light at a record premium of $2.65 a barrel to the average of Oman/Dubai quotes, 30 cents above its previous peak for November 2007. But some traders said that an extended Shell shutdown would price out some Saudi crude should Middle East spot cargo values fall to discounts from record premiums in the past month. Regular buyer Shell\'s Singapore refinery is a regular buyer of Arab Light, a senior trading source said. \"If the OSP is too high compared to spot, people will avoid Saudi crude, so they may moderate their prices,\" said a trader with a European trading firm. Before Shell\'s accident, Middle East crude values were roaring higher, supported by strong seasonal demand across Asia ahead of the winter season. Oman crude traded at premiums of more than $2 a barrel to Dubai quotes, its highest since at least 2009, while values of the grade on the Dubai Mercantile Exchange (DME) soared well over $3. The backwardation along the Dubai swaps curve, or the premium that prompt contracts command over supplies for later delivery, steepened to the widest levels so far this year in the past few weeks and spot cargo premiums for most heavy sour grades, including Qatar Al Shaheen, reached multi-year highs. \"Everybody can expect they will increase the OSPs for every grade, especially for heavy grades,\" said a trader with a north-east Asian refiner. \"The fuel oil crack is stronger than the middle distillate crack.\" Setting the trend in the Middle East Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting around 8 million barrels per day (bpd) of crude bound for Asia. State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi oil prices cooled by refinery shutdown Arab Today, arab today saudi oil prices cooled by refinery shutdown

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today 17.4m tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4m tourists visit UAE in 2016
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday