Middle East

Saudi Arabia's state-run Saudi Aramco on Aug 4 notified its term buyers in Asia that it raised the September-loading official selling price (OSP) formula for light grade Arab Extra Light (AEL) by 50cts from the previous month to a premium of $3.20 to Dubai/Oman average. Saudi Aramco apparently raised the OSP as backwardation for the benchmark Dubai papers widened amid solid demand from India. In addition, Saudi Aramco was believed to have taken the September OSP for Abu Dhabi Murban, or a premium of $3.20 to Dubai quotes, into consideration.

Africa/Europe/Russia/America

Spot market for September-loading Sudanese Dar Blend fell to premiums of $2.30-2.40 to Dated Brent. Firm refining margins for low sulfur fuel oil in Asia lifted the market. It turned out that Malaysia's state-owned Petronas last week closed a sell tender for 600,000bbl of September-loading Dar Blend. The cargo was heard awarded at a premium of low to mid $2.00 to Dated Brent.

Asia Pacific

Spot premiums for September-loading Australian NWSC slided to discounts of 95cts to $1.05 to DTD Brent. While no keen buyers were seen in the market, there were around three uncommitted condensate cargoes like Nigerian Escravos condensate and Australian Wheatstone. Indonesia's state-run Pertamina has not floated a condensate buy tender for the country's petrochemical TPPI so far, so that supply/demand fundamentals loosened.