DJ ASIA CRUDE: Saudi Term Prices In Line With Expectations
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[January 05, 2006]

DJ ASIA CRUDE: Saudi Term Prices In Line With Expectations

(Comtex Business Via Thomson Dialog NewsEdge)SINGAPORE, Jan 05, 2006 (Dow Jones Commodities News via Comtex) --Sentiment in the Middle East crude oil market held steady Thursday after leading producer Saudi Arabia emerged with official selling prices that were mostly in line with expectations.



State-owned Saudi Arabian Oil Co., or Saudi Aramco, late Wednesday raised its OSPs for its three lightest export grades for February term supply to Asia but marked down its key Arabian Medium and Heavy grades.

While some North Asian oil refiners expressed concerns over the outlook for heating fuel demand toward the end of winter in February, the higher light crude OSPs were largely taken in stride.



"The increase for light grades was quite big, but expected," a refinery official said of Arabian Extra Light, which was hiked 80 cents on-month to a $2.95 a barrel over the average of Oman and Dubai assessments - the highest premium in four months.

Following the Aramco OSP release, National Iranian Oil Co.'s for Iranian Light was calculated 35 cents higher for February based on the company's quarterly formula.

The February OSPs for Iranian Heavy and Forozan Blend were both calculated 10 cents lower.

NIOC, as well as Kuwait Petroleum Corp., are expected to officially post their OSPs over the weekend, traders said.

Cash Dubai for March, meantime, jumped 81 cents/bbl from Wednesday to settle at $57.37-$57.42/bbl, moving higher with overnight London Brent futures.

The March Brent-Dubai exchange-for-swaps widened 12 cents to $4.37-$4.47/bbl, while February Tapis-Brent widened 3 cents to $3-$3.10/bbl, according to a broker.

In regional discussions for sweet crude, a key importer, Indonesia's Pertamina, emerged with its regular monthly tender to buy March-delivery cargoes. Offers, due Wednesday, are to stay valid for two days.

A Pertamina source disclosed that the company will likely keep its import volume near last month's intake of more than 6 million bbl.

That purchase included a bumper nine Asia-Pacific cargoes.

-By Yee Kai Pin, Dow Jones Newswires; 65-6415-4062; kai-pin.yee@dowjones.com

-Edited by Sharon Vong

(END) Dow Jones Newswires

01-05-06 0552ET

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