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COMMENTS
The reduction in Official prices from Saudi Arabia and Abu Dhabi were viewed as supportive by the market, particularly the significant cuts in prices for heavier Saudi grades. The April Brent-Dubai EFS widened in response to the cuts and increased the attractiveness of Arab Gulf grades for Asian customers at the expense of cargoes from West African and the Mediterranean.
Remaining barrels of April Qatar Marine were assessed unchanged at Official minus 50 cents. Meanwhile, valuations for April Murban were heard to have firmed to around Official plus 4 cents following the release of the Abu Dhabi prices.
May Oman cargoes were reported to have traded recently at around Official plus 8-10 cents. Meanwhile, May Oman was assessed around 8 cents weaker at Dubai quotes minus 57 cents, based on Wednesday’s DME settlement price.
In open market trading, Phibro sold four 25,000 bbl May DUBAI partials to Shell at 76.05. At the close, May Dubai partials were bid at 76.05 by Shell and offered at 76.10 by Phibro. May Oman partials were offered at 76.60 by Unipec, but there was no bid.
The May DME Oman futures contract settled at 76.59, up 90 cents. The May ICE Middle East Sour Crude marker was set at 77.39, up 1.25.
The April Brent-Dubai EFS was quoted at 1.50, up around 40 cents on the previous day. The May Brent-Dubai EFS was assessed at 1.27, up around 27 cents.
