Premium for Dubai Prompt Swaps Rises a Fourth Day; Oman Falls - Bloomberg
The premium of Dubai crude swaps for March widened for a fourth day to April, indicating demand for crude is increasing. PetroChina Co. sold two 25,000-barrel cargoes of the Middle East benchmark grade.
The premium of March swaps to May widened to $1.43 a barrel from $1.35 yesterday, according to data from PVM Oil Associates Ltd., a London-based broker. This timespread has widened 54 percent this month, signaling demand from refiners increased in the near term. Swaps for March (PVMMDU1M) rose 32 cents, or 0.3 percent, to $116 a barrel.
PetroChina sold two Dubai partial cargoes, according to a survey of traders who monitored transactions on the Platts window in Singapore. Trafigura Beheer BV bought 25,000 barrels for April loading at $116.65 a barrel, and 25,000 barrels to Mercuria Energy Ltd. at $116.20.
Oman futures for April delivery fell 45 cents, or 0.4 percent, to $117.60 a barrel on the Dubai Mercantile Exchange at 4:38 p.m. Singapore time with 1,866 contracts traded. The settlement price was $117.48 at 12:30 p.m. in Dubai.
The April Brent-Dubai (PVMMDBSP) exchange for swaps, which measures the European benchmark contract against the Persian Gulf grade, rose 35 cents to $3.35 a barrel, PVM data showed. The May exchange for swaps gained 32 cents to $3.30.
To contact the reporter on this story: Ann Koh in Singapore at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
To contact the editor responsible for this story: Mike Anderson at This e-mail address is being protected from spambots. You need JavaScript enabled to view it