Singapore– Intermonth spreads for Dubai crude futures rangebound on uncertain outlook
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, customer notes & customize your experience.Register Now The intermonth spreads for benchmark Dubai crude futures were rangebound at midday Oct. 8 from the previous session as the near-term outlook for the market remained unclear.The November/December Dubai crude futures spread was pegged at a contango of 30 cents/b At 12 pm in Singapore(0400 GMT), edging 1 cent/b larger from the Asia close on Oct. 7, S&P Global Platts data revealed. The December/January spread was likewise pegged at a contango of 30 cents/b, broadening 2 cents/b over the very same period.While the official asking price released by essential Middle Eastern producers in current days were stable to slightly greater than the month previously, in line with market expectations in Asia,
trade sources said the direction of spot market differentials moving forward would hinge on whether more demand emerges. “Maybe if eager purchasers come out from Japan and India [in October] then it’s perhaps possible to charge a little bit of a premium [to OSPs],”a sour crude trader
based in Northeast Asia stated.” The majority of buyers are still waiting and not in a rush … supply is enough and [some sellers are] bring November cargoes into the December loading cycle,” the trader added.The market is awaiting the release of
now waits for more OSPs from Middle Eastern manufacturers, along with volume allocations.Meanwhile, the prompt-month Brent/Dubai Exchange Futures for Swaps spread– an indication of Dubai’s strength relative to Brent– expanded in positive territory
Oct. 8. The December EFS was pegged at plus 11 cents/b at midday Oct. 8, broadening 6 cents/b from the Asia close the day before, Platts data showed.ICE Brent
futures saw an uptick in mid-morning trade in Asia Oct. 8 as the effect of a build in US unrefined stocks was negated by draws in item stocks, along with intensifying supply disruptions in Norway and the United States Gulf of Mexico.