Middle East Crude-Firm on Iraq, winter
SINGAPORE, Aug 7 (Reuters) - The Middle East crude market held firm on Wednesday, underpinned by Iraq's supply disruption, robust refining margins and the approach of peak seasonal winter demand. Trade for October-loading cargoes is expected to start on a strong note next week, extending a bull run from the last month. "The sentiment is unchanged from last month, a little bullish," a North Asian trader said. "OSP-linked grades will start trading at premiums." Uncertainty over Basra Light's September and October supply could spark stronger demand for alternative grades such as Oman and Banoco Arab Medium, traders said. The Singapore market will be closed for the next two days due to public holidays. *TENDERS - Tasweeq offered deodorised field condensate and low sulphur condensate in a tender to close on Aug. 20 with bids valid until two days later. *TRADES - Trafigura bought three Dubai partials from Phibro at $103.80 a barrel. *MARKET NEWS - Iran's incoming President Hassan Rouhani on Tuesday offered an olive branch to the United States in talks on Tehran's disputed nuclear programme, raising hopes of progress after years of stalemate. - Iran has taken delivery of several new oil tankers in recent weeks as it relies more on its own fleet capacity to help sustain crude export shipments in the face of western sanctions. - Indian Oil Corp, India's biggest refiner, aims to import 23.4 percent less oil from sanctions-hit Iran in the fiscal year to March 2014 compared with a year earlier, Indian oil minister M. Veerappa Moily said. - Iraq's crude oil production rose to 3.250 million barrels per day (bpd) at the beginning of August from 2.942 million bpd a year earlier, an oil ministry official said, indicating it could exceed its output target for end-2013. - Iraq's Kurdistan region is exporting crude oil by truck to an Iranian port for shipping to Asia, industry sources say, using a trade route that is likely to anger both Baghdad and Washington. - The North Sea's Buzzard oilfield will begin exporting crude again following the re-opening of the Forties Pipeline System (FPS) after five days of planned maintenance, a Nexen spokeswoman said on Tuesday. CRUDE ($/bbl) Price Prev Change OCT DME Oman diff to Dubai swap 1.71 1.72 -0.01 SEP Brent 107.75 108.23 -0.48 OCT Dubai 102.25 102.90 -0.65 OCT DME Oman 103.96 104.62 -0.66 SEP Brent/Dubai EFS 4.85 4.67 +0.18 PRODUCT CRACKS SEP fuel oil crack -10.05 -10.10 +0.05 SEP gasoil crack 18.50 18.50 0.00 SEP naphtha crack -8.36 -8.23 -0.13 COMPLEX REFINERY MARGINS Today 5.61 Last 5 days 5.57 Last 365 days 7.61
- Special Report: Thailand secretly supplies Myanmar refugees to trafficking rings |
- UPDATE 1-China central bank warns banks against use of bitcoin
- The 10 Most Corrupt and Least Corrupt Countries in the World
- China central bank warns banks against use of bitcoin
- Obama says he's not allowed iPhone for 'security reasons'