Gains in refining profits have bolstered demand for the two grades
Middle East crude for sale to Asia
rose for a fifth day against benchmark prices as demand for winter-heating
fuels led refiners to boost purchases of middle distillate-rich grades.
Murban crude, produced by Abu Dhabi
National Oil Co., rose 12 cents for January loading to a premium of 53 cents a
barrel above its official selling price, according to data compiled by
Bloomberg. That’s the same level at which December cargoes traded last month.
Qatar Marine climbed 5 cents to a premium of 28 cents to its official price,
data from Bloomberg showed.
Gains in refining profits have
bolstered demand for the two grades, which both yield large amounts of diesel
and kerosene after processing. Gasoil’s premium to benchmark Dubai crude rose
12 cents to $14.32 a barrel, according to data from PVM Oil Associates Ltd., a
Oman crude for immediate loading
dropped 10 cents, or 0.1 percent, to $85.01 a barrel, according to Bloomberg
data. Dubai for January declined 10 cents, or 0.1 percent, to $84.72. Murban
was little-changed at $86.53.
The Brent-Dubai exchange for swaps
for January, or EFS, widened 21 cents to $2.69 a barrel, according to data from
PVM Oil. The exchange for swaps for February increased 6 cents to $2.83. The EFS
is the price difference between Brent futures and Dubai swaps contracts and
signifies Brent’s premium relative to the Middle East grade.
Oman futures for January delivery
rose 60 cents to $84.68 a barrel on the Dubai Mercantile Exchange at 5:36 p.m.
Singapore time, with 1,251 contracts traded. The settlement price was set at
$84.57 at 12:30 p.m. Dubai time.