Middle East

In trade for Abu Dhabi grades, the January contract for Murban on the ICE Futures Abu Dhabi (IFAD) was $4.87 above the January Dubai paper swap. A sharp price decline in IFAD Murban values since the middle of this week was seen attributable to softening gasoil margins in Asia. In addition, US light grades were offered at lower prices for end-users in Asia, reducing price competitiveness for Murban. "In the middle of this week, WTI Midlands is offered to Asia at a premium of around $6.00 to Dubai quotes on a CFR basis," said a trader in Singapore.

Africa/Europe/Russia/America

Spot differentials for January-loading Sakhalin Sokol fell to premiums of $6.10-6.20 to Dubai quotes. A slide in the rival Abu Dhabi Murban market and softening middle distillate refining margins in Asia weighed on the Sokol values. India's Oil and Natural Gas Corp (ONGC) sold one cargo for Jan 23-29 loading in its January Sokol tender closed on Thursday. The buyer was said to be South Korea's SK Energy. The price was said to be at a premium of slightly above $6.00 to Dubai quotes.

Asia Pacific

Spot differentials for January-loading Australian Ichthys rose to premiums of $4.40-4.50 to DTD Brent. Crack margins for gasoline and naphtha in Asia remained strong, which supported the Ichthys market. French Total Energies sold Jan 13-17 loading Ichthys. The buyer was PTT Public Co. in Thailand and the price was said to be at a premium of close to mid-$4s to DTD Brent.