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Weekly Summary

Crude/Condensate: Jan5-7: Saudi cuts Feb AL OSP by $1.10

Middle East

Saudi Arabia's state-owned Saudi Aramco on Thursday informed its term buyers in Asia that it reduced the February-loading OSP for the country's flagship crude Arab Light (AL) by $1.10 from the previous month to a premium of $2.20 to Dubai/Oman average. The cut reflected narrowing backwardation in Dubai quotes, amid loose demand/supply fundamentals caused by increasing supplies. Meanwhile, the OSP for February-loading Arab Extra Light (AEL) was slashed by $1.30 from the previous month to a premium of $3.20 to Dubai/Oman average.

 

Africa/Europe/Russia/America

The market for February-loading Nigerian Qua Iboe rose to premiums of $1.75-1.85 to Dated Brent. Production for Libyan crudes, competing grades for Nigerian grades, have fallen remarkably due to maintenance at oil fields, sending the market for Qua Iboe higher. In addition, a recovery in margins like gasoil in Europe also helped lift the market. A European trader noted that the tradable levels for February-loading Qua Iboe have risen to a premium of high $1.00 to Dated Brent.

 

Asia Pacific

For Australian condensates loading March, the preliminary loading schedule for NWSC was released. A total of three cargoes of 650,000 bbls each would be supplied, one cargo more than in February. But since February is a short month, supply was similar to previous months. A cargo loading Mar 5-9 was allocated to Australia's BHP Billiton while cargoes loading Mar 16-20 and Mar 29-Apr 2 were allocated to Australia's Woodside and Britain's BP, respectively.

 

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