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Middle East crude values extended a rally on Wednesday

May 12/2011

(Reuters) - Middle East crude values extended a rally on Wednesday as expected tighter supplies from Yemen added to bullish sentiment related to improving naphtha margins and a well-bid market for July cargoes.


The lighter grades with higher naphtha content strengthened further, as refiners attempted to boost gasoline production. Abu Dhabi Murban was heard to have traded at a premium bigger than 70 cents to the ADNOC price, up from 60 cents on Tuesday.


That imbued the rest of the market with stamina, sending notional premiums for July spot Oman crude to at least USD 1.45 a barrel over Dubai quotes, matching the peak reached for June supplies last month. Some traders said premiums were already close to USD 1.50, although this could not be confirmed.


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