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ADNOC: Official Sales Prices in line with expectations

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ADNOC’s light grades are stronger than average.
This justifies, according to S&P Global Platts, the higher OSPs of the Das Blend and Umm Lulu grades.

ADNOC increases its premiums and discounts

ADNOC recently increased several Murban premiums and discounts for December compared with November.
These include Umm Lulu to $0.15/barrel, up from $0.05/barrel, and Upper Zakum to $0.95/barrel, up from $0.60/barrel.
The company also maintained Das Blend’s discount to Murban at $0.30/barrel.
As for FIDA, its premium averaged $3.44/barrel in October 3021, compared with $2.22/barrel in September.

Prepared traders

Traders had anticipated this increase in PSOs for light grades.
They also anticipated the $1.09 reduction for Upper Zakum crude in October 2021.
Finally, they consider that the effect of these PSO changes is relatively weak in a context of high fixed prices.
This is particularly true of this month’s strengthening cracks for light and middle distillates.
Similarly, the seasonal rise in fuels such as kerosene has supported demand for light to medium sour crudes.
Traders’ attention is now focused on Saudi Aramco‘s PSOs.
These are likely to be increased as part of a more solid market structure for Dubai.

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