Markets await official prices

摘要

Market participants awaited May official selling prices from Mideast Gulf producers. Saudi Aramco is expected to cut its May official formula prices for Arab Light, Arab Medium and Arab Heavy grades to Asia-Pacific by 5-40￠/bl amid a wider contango - prompt discounts to forward values - in benchmark Dubai and weaker fuel oil margins. Abu Dhabi’s Adnoc is expected to lower premiums of its Murban and Das grades to Dubai by 45-50￠/bl in its retroactive official selling prices, after May-loading spot cargoes traded at discounts to the Adnoc price.