Middle East crude benchmarks Oman and Murban fell on Tuesday as traders concluded trades for this month and waited for oil producers to unveil their October official selling prices and supply plans.
ADNOC has informed some clients in east Asia that they will supply full volumes under term contracts in November, while others are still waiting to receive the allocation plans from the oil firm.
Middle Eastern crude is under pressure from arbitrage cargoes such as Mars crude from the United States, which is traded at about $2.5 a barrel above Dubai quotes on the deliver basis in Asia, several traders said, almost $2 cheaper than the regional supplies.
Market is still waiting for China to issue the new batch of refined oil export quotas, expected in the next coming days.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 6 cents to $1.86 a barrel.
Source: Hellenic Shipping News
