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30/03/2016 16:01 AST
DME Oman crude’s premium to Dubai swaps jumped to above 50 cents a barrel on Wednesday, as traders bought to cover positions a day ahead of the contract’s expiry.
Cash Dubai went the other way and is set to end the month weaker, as its discount to swaps widened 13 cents to $1.38 (Dh5.06) a barrel.
Asian refiners have completed their purchases of May-loading cargoes, with the exception of Iraqi crude.
Basra’s premiums are set to stay firm above $1 as Japex has sold a May-loading Basra Heavy cargo to GS Caltex at a premium above $1.60 a barrel to its OSP, a trader said.
More cargoes will trade once Iraq fixes its loading programme for May by mid-April.
Reuters
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
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