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(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.
mrcplast.com
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