Singapore: Abu Dhabi National Oil Company (Adnoc) has raised its February retroactive selling price for crude sold to Asia, a smaller increase than what the market had expected.
Adnoc said on Wednesday it raised benchmark Murban crude {MUR-OSP} prices to $56.55 per barrel, up $10.15 from the previous month.
The February Murban OSP’s differential to Dubai rose by $0.28 a barrel from the previous month, a smaller rise than the 40-50 cents expected by the market.
The 13-cent hike in February Upper Zakum OSP’s differential to Dubai was also less than traders’ forecast of 20-30 cents.
The following table shows the latest OSPs Feb (diff to Dubai) Jan (diff to Dubai) Change (vs Dubai)
Murban $56.55 (1.11) $46.40 (0.83) $10.15 (+0.28)
Das $56.05 (0.61) $45.90 (0.33) $10.15 (+0.28)
Upper Zakum $53.80 (-1.64) $43.80 (-1.77) $10.00 (+0.13)
