Premiums paid for Asia-Pacific crudes fell while Mideast grades rose.
Vietnam’s PV Oil Co. sold two cargoes of its light and sweet, or low-sulfur, Bach Ho crude at $8.50 a barrel more than benchmark prices, down from $9 in January. Abu Dhabi’s Murban rose 5 cents to 8 cents above its official selling price, the highest this month, according to data compiled by Bloomberg.
PV Oil sold two 300,000 barrel cargoes of Bach Ho crude to Japan’s Idemitsu Kosan Co. and Petro Summit Pte, a subsidiary of Sumitomo Corp., according to three traders who asked not to be identified because the information is confidential. In January, Bach Ho sold at a premium of around $9 a barrel.
Vietnam’s state-owned oil marketing company also sold three cargoes of Te Giac Trang crude for April loading to Royal Dutch Shell Plc at a premium of around $8.50 to $8.75 a barrel more than benchmark dated Brent, according to four traders who asked not to be identified because the information is confidential.
SK Innovation Co. sold two Dubai partial cargoes, according to a survey of traders who monitor the Platts pricing window. Shell bought two of the 25,000 barrel lots at $121.80 a barrel.
Dubai crude’s backwardation, when the price for prompt deliveries is greater than for later shipments, fell by 7 cents. Swaps for March were $1.178 cents a barrel more than May, according to data from PVM Oil Associates Ltd., a London-based broker.
The April Brent-Dubai exchange for swaps, which measures the European benchmark contract against the Persian Gulf grade, fell 8 cents to $3.52 a barrel, the fourth day of declines, according to PVM data. The May contract was down 1 cent to $3.52.
Oman futures for April fell rose 40 cents to $122.60 a barrel on the Dubai Mercantile Exchange at 6:02 p.m. Singapore time, with 1,348 contracts traded. The settlement price was $121.95 at 12:30 p.m. in Dubai.