Middle East Oil to Asia Little Changed as Refining Profits Stall
Middle East oil grades for sale to Asia were little changed against their benchmark prices amid signs refining profits are slowing.
Murban, produced by Abu Dhabi National Oil Co., for loading in November stayed at a premium of 28 cents a barrel to its official selling price, according to data compiled by Bloomberg. The price earlier this month reached 63 cents over its official level, the most since May. Qatar Land was also unchanged at a premium of 17 cents a barrel, Bloomberg data showed.
A decline in processing margins has limited demand for crude. Gasoil’s premium to Dubai crude, a measure of profit, fell today to $16.22 a barrel, compared with $17.72 a month ago, according to PVM Oil Associates Ltd., a London-based broker.
Oman crude for immediate loading gained 23 cents, or 0.2 percent, to $104.08 a barrel, Bloomberg data showed. Dubai oil for loading in November increased 0.2 percent to $103.68. Murban for spot delivery climbed 0.2 percent to $107.99.
Oman futures for November delivery fell 50 cents to $105.40 a barrel on the Dubai Mercantile Exchange at 4:34 p.m. Singapore time, with 1,202 contracts traded. The settlement price was $105.19 at 12:30 p.m. in Dubai.
The November Brent-Dubai exchange for swaps, which measures the European marker contract against the Persian Gulf grade, rose 12 cents to $4.52 a barrel, according to data from PVM. The exchange for swaps for December climbed 21 cents to $3.69.
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