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DUBAI FUTURES: Sour unrefined spreads rangebound ahead of crucial tenders

Singapore– The intermonth spreads for benchmark Dubai crude futures started the week of Sept. 14 rangebound, as key sour crude tenders have yet to be concluded.Not registered?Receive everyday e-mail

notifies, customer notes & individualize your experience.Register Now At 11 am Singapore time( 0300 GMT ), the October/November spread for Dubai unrefined futures was pegged

at a contango of 38 cents/b, down 2 cents/b from the Asian close on Sept. 11, S&P Global Platts data showed.The November/December spread was pegged at a contango of 42 cents/b, down 2 cent/b over the really same period.Most market participants were looking towards upcoming tenders and trade settlements for more clarity on market direction.QPSPP’s Al-Shaheen offer tender for November-loading freights is expected to close on Sept. 15, market sources mentioned Sept. 14. The tender is for 2 Al-Shaheen freights, filling Nov. 1-2 and Nov. 27-28.

More buy-tenders from refiners were also expected to be launched in the coming days.In updates on official market price, Iraq’s State Oil Marketing Business over the weekend cut the majority of its October crude OSPs, with the most considerable

declines for Asian consumers seen.For Asian buyers, SOMO set Basrah Light at a premium of 30 cents/b versus the Oman/Dubai average and Basrah Heavy at a discount rate of $1/b versus the very same average, it specified on Sept. 13. In September, Basrah Light was at a premium of $1.50/ b versus the Oman/Dubai average, and Basrah Heavy was at a discount of 25 cents/b versus Oman/Dubai.

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