Middle East Crude

Saudi Arabia state-owned Saudi Aramco raised the new OSP for Saudi Arabia痴 flagship Arab Light (AL) OSP for November-loading by 10cts from the previous month to a discount of 40cts to Dubai/Oman average. Inter-month spreads for the benchmark Dubai papers were narrowing but crude demand in Asia remained tepid. As a result, the increase of the OSP was believed to be limited.

African/European/Russian American Crudes

Spot differentials for Sakhalin Sokol for December-loading firmed slightly. The current prices were sensed as undervalued, relative to other competing grades such as East Siberian ESPO Blend, but the upside was limited due to weak demand for jet fuel in Asia. India痴 Oil and Natural Gas Corp sold 700,000bbl of Sokol for Dec 3-9 loading via tender. The winner was European Vitol and the price was at a discount of about 40cts to Dubai quotes.

Asia/Pacific Crudes In the trade of December-loading condensates, Australia痴 Woodside Petroleum already sold Pluto. The cargo was partial-sized and the price was at a discount of $1.00 or slightly narrower than $1.00 to Dated Brent. The December-loading Pluto price was about $1.00 higher than the previous month, reflecting stronger naphtha crack spreads in Asia. The buyer was said to be a trader.