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The defeats are a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup
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Oman crude premiums up
SINGAPORE - Oman crude oil premiums rose a notch yesterday ending the week on a stronger note as war fears hiked buying interest for the key grade.
"End-users in the region value the fuel oil-rich crude because Oman lies outside the Gulf and is deemed a possible safer choice in the event of war in Iraq.
"Traders said this would ensure further gains in premiums next week, especially since the bulk of Asia's refiners were likely to step into the market to cover April requirements.
"The refiners are the big buyers in the region and we haven't seen them come in yet. When they do, and we expect them to next week, premiums should rise," one said. "Traders said Oman premiums were pegged at MOG plus 19 to 25 cents a barrel compared to quotes on Thursday at MOG plus 15-20 cents.
"The gains were partly driven by a deal done late on Thursday at MOG plus 17 cents, the highest level so far for April barrels.
"We've heard bids of 18 to 19 cents earlier, but there were no takers. Sellers were quoting at least 25 cents," a trader said. "Talk on other Mideast grades were also expected to improve next week, with kerosene-rich Abu Dhabi grades the most likely beneficiaries. Traders said April Murban was pegged notionally at ADNOC plus 15 cents.
"On the paper market, April Brent/Dubai EFS continued to rise on strengthening Brent values. Brokers pegged the spread at $3.25-$3.30 a barrel, higher than Thursday's $3.00.
"In the regional crudes market, Vietnam's Petechim has offered term supplies of Bach Ho for April to September lifting at a premium of 88 cents a barrel to Minas quotes.
"The initial offer, equivalent to premiums for the current October 2002-March 2003 contracts, did not sit well with buyers, who had only bid 10 to 20 cents above the Minas benchmark.
"Buyers are sending a clear signal to Petechim. Demand for the grade has softened and premiums should reflect that fall," one trader said.
"Petechim and term customers will now kick off several rounds of negotiations before the six-month Bach Ho official selling price is set.
"Activity on tenders was also quiet, with India's IOC and Bharat yet to award their tenders for late-March and April barrels.
"Indonesia's Pertamina had also not awarded its import tender for April barrels yet, traders said.More news from
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