Trade on January-loading Abu Dhabi crude kicked off at discount to its official selling price for the first time in seven months, traders said.
Thai refiner PTT bought a January-loading Murban cargo from a European major at around a 7/9 cent-a-barrel discount to Adnoc, traders said.
The last time Murban traded at a discount to Adnoc was in April when June-loading crude traded at small discounts.
“These are expected slow requirements for Abu Dhabi crudes due to the high OSP and also the decline of differentials on spot cargoes,” a Japanese refiner said.
The low level fetched reflects the lack of interest in Abu Dhabi crudes as kerosene stocks are rising in Japan, leaving only Thailand as an enthusiastic buyer.
Refiners also waited for Abu Dhabi National Oil Co. (Adnoc) to notify its Asian customers of the volumes, term and additional, it will supply them with for January-loading.
