Oman sour crudes lower in thin trade

SINGAPORE - Asian refiner's appetite for medium-sour Oman crude showed no improvement yesterday, sending spot differentials lower in thin trade, traders said. April Oman crude was untraded, quoted at MOG minus 22/minus 18 cents a barrel, slipping from MOG minus 20 cents/minus 15 cents on Thursday. However, some traders said the steeper discounts for Oman crude, coupled with sliding freight rates from Middle East to Asia, had sealed the arbitrage for May delivery Urals crude from Russia to Asia.


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Published: Sat 21 Feb 2004, 12:45 PM

Last updated: Wed 1 Apr 2015, 11:55 PM

Urals, a close substitute for Oman, had cast downward pressure on Oman differentials for March loading, with Chinese buyers taking in around four million barrels of Urals for April delivery. In contrast, Abu Dhabi's light sour crudes were snapped up by Japanese refiners, with only a few remaining cargoes left for April, traders said.

Premiums for Murban crude soared to Adnoc plus 39 cents a barrel, sold by oil major BP to Japan's largest refiner, Nippon Oil Corp on Thursday.

Regional sweet crude trades were off to a slow start, but traders said offers extended strength seen in March, supported by strong refining margins for light products.

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