Cash Dubai, Oman benchmarks surge on Asian demand optimism

      Published on Tuesday, 17 November , 2020      540 Views     
Cash Dubai, Oman benchmarks surge on Asian demand optimism

S&P Global Platts assessed January cash Dubai at a premium of 39 cents/b to the same-month Dubai futures, up 4.5 cents/b on the day to the highest since July 22 when it was at a 59 cents/b premium, S&P Global Platts data showed.

The January cash Oman saw a healthier rise of 16 cents/b on the day to 74 cents/b at the Asian close Nov. 16. This is the highest since July 22 when it was assessed at a 78 cents/b premium.

The rally in benchmark indicators had been largely attributed to the optimism of increased demand from Asia.

The Platts Market on Close assessment process on Nov. 16 saw one 25,000-barrel Dubai partial exchanging hands between oil major Shell and China’s Unipec.

This brings the total number of partials traded this month to 30, consisting of 27 January Dubai partials and 3 January Oman partials.

The MOC assessment process also saw bids from Shell for full cargoes of 500,000 barrels each of Abu Dhabi’s Upper Zakum crude.

Shell’s bids for the cargoes, for loading over Jan. 1-31, stood at the close of the MOC at front month cash Dubai plus 40 cents/b and official selling price of Upper Zakum plus 35 cents/b, with no selling interest seen for either bids.

Category Oil | 2020/11/17 latest update at 11:20 PM
Source : SP Global | Photocredit : Google
Comments Add comment

Gulf Media

Related Articles

The editorial staff of Oman Today would like to give all of its readers from Oman and Gulf and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Oman Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter pages or use our RSS feed channel to always read the most important news about Oman, the Gulf and the world.