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Wed 19 Jan 2011 05:03 PM

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Abu Dhabi crudes fall for second day on easing refiner demand

Crude oils from Abu Dhabi fell for the second day as refiners eased their purchases ahead of maintenance plans

Abu Dhabi crudes fall for second day on easing refiner demand
CRUDE WATCH: Some support for Middle East grades has come as the price of crudes from the region fell relative to alternative grades from Russia and West Africa

Crude oils from Abu Dhabi fell for the second day as refiners eased their purchases ahead of maintenance plans.

Abu Dhabi’s
Murban crude for loading in March dropped 3 cents to a premium of 23
cents a barrel to its official selling price, according to data
compiled by Bloomberg. Umm Shaif, also produced in the emirate,
declined 2 cents to a premium of 19 cents a barrel, Bloomberg data
showed.

Refiners in
South Korea and Japan are set to shut at least 310,000 barrels a day of
capacity in March and April for maintenance, according to Bloomberg
data. Cargoes for March loading from the Middle East would take about
23 days to arrive in Japan, Bloomberg data shows, possibly arriving as
late as the end of April.

Oman oil for
immediate loading increased 70 cents, or 0.8 percent, to $93.48 a
barrel, according to data compiled by Bloomberg. Dubai for loading in
March was up 70 cents, or 0.8 percent, at $93.29. Murban crude rose 0.7
percent to $96.32.

Oman futures
for March delivery climbed 11 cents to $93.49 a barrel on the Dubai
Mercantile Exchange at 6:26 pm Singapore time, with 965 contracts
traded. The settlement price was set at $93.45 at 12:30 pm Dubai time.

Some support
for Middle East grades has come as the price of crudes from the region
fell relative to alternative grades from Russia and West Africa.

The Brent-Dubai
exchange for swaps for March, or EFS, narrowed 10 cents to $4.35 a
barrel for a second day, according to PVM Oil Associates Ltd. data. The
wide spread limits the ability of refiners to import Russian Urals or
Nigerian crudes that are priced versus the Brent benchmark. The
exchange for swaps for April narrowed 10 cents to $4.10.

 

 

 

 

 

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