Buying interest for January lifting cargoes of Middle East sour crudes appears to be waning due to softening refining margins, amid high outright prices for cash Dubai and Oman. According to traders, simple refining margins are currently around minus 70 cents/barrel, while complex margins were at slightly above positive. January-loading Al Shaheen cargoes were heard to have traded at discounts of between 30 and 50 cents/b to Dubai quotes and there was talk that an Indian refiner bought one cargo at 80 cents/b to $l/b discount.
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