Middle East crude benchmarks Dubai and Oman rose on Monday, with two cargo deliveries of Upper Zakum emerging, while the Brent’s Exchange Futures for Swaps (EFS) to Dubai widened sharply again amid recent volatility.
The November EFS spread DUB-EFS-1M was pegged at a premium of $2.70 a barrel at the Asia close (0830 GMT) on Monday, compared with $1.90 a barrel on Friday, LSEG data showed.
The spread had undergone volatile swings in recent sessions, widening sharply in the earlier half of last week before narrowing, but widened again on Monday.
A wider Brent-Dubai spread makes crude produced in the Atlantic Basin more expensive for Asian refiners, who may potentially turn to more Middle Eastern barrels.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps edged higher by 8 cents to $2.82 a barrel.
Exxon Mobil and Reliance each delivered a cargo of November Upper Zakum crude to Gunvor, respectively.
Source: Hellenic Shipping News