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KT APPDOWNLOAD
Dubai crude for October loading, Murban decline
SINGAPORE — Crude from Qatar rose to a premium to its official benchmark for the first time in almost four weeks as refiners seek more heavy oil.
Qatar Marine for October loading rose 3 cents to a premium of 1 cent a barrel, according to data compiled by Bloomberg. That’s the highest the grade has been since July 27. Murban for October, produced by Abu Dhabi National Oil Co., climbed nine cents to a discount of three cents a barrel to its official price, Bloomberg data showed.
Demand from refiners for heavy crudes, which have higher densities, has increased amid gains in processing profits. The margin from refining Qatar Marine through a plant with a unit capable of upgrading fuel oil into gasoline and gasoil, known as a cracking facility, was at $1.88 a barrel on Thursday, according to netback calculations by Bloomberg and EnSys Energy. That’s up from $1.02 on August 2.
Oman crude for immediate loading dropped $1.64, or 2.2 per cent, to $72.50 a barrel, according to Bloomberg data. Dubai for loading in October fell $1.64, or 2.2 per cent, to $72.37. Murban decreased 2.2 per cent to $72.86.
Oman futures for October delivery climbed nine cents to $72.76 a barrel on the Dubai Mercantile Exchange at 5:06pm Singapore time, with 1,096 contracts traded. The settlement price was set at $72.84 at 12:30 Dubai time.
The Brent-Dubai exchange for swaps for October widened three cents to $1.51 a barrel and the exchange for swaps for November was unchanged at $1.41 a barrel, according to data from brokers PVM Oil Associates. The exchange for swaps is the price difference between Brent and Dubai swaps contracts.
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