US shale oil weighs

摘要

Oil prices fell as the prospect of rising US domestic output offset expectations that Opec and non-Opec countries could extend their production cut agreements. Atlantic basin benchmark North Sea Dated declined by $2.24/bl to $51.25/bl in the two weeks to 20 April, while US marker WTI dropped by $1.43/bl to $50.27/bl. Mideast Gulf marker Dubai fell by $1.67/bl to $51.28/bl. The Brent-Dubai exchange of futures for swaps spread - the premium of Ice Brent futures to Dubai swaps - fell to a 20-month low of 86￠/bl on 20 April. This is boosting the appeal of Atlantic basin crudes to Asia-Pacific refiners. At least 350,000 b/d of North Sea Ekofisk and Forties crude will load for Asia- Pacific this month, up from close to 260,000 b/d in March, while nearly 300,000 b/d of April-loading Russian Urals will head to the region. And at least 30,000 b/d of Caspian BTC Blend will load in May for Burma (Myanmar), to be piped overland to China's 260,000 b/d Anning refinery.