DME Reports New Trading Volume Record For April
The Dubai Mercantile Exchange (DME) has reported a new record for its monthly trading volume for its contract in Oman crude. Volumes reached 123,162 contracts for April. In a statement released on 8 May, the DME said the new record trading volume was a 9% increase over March and 15% more than February. It said there was a new daily trading volume record of 12,648 contracts, 24.7% over the previous record single day trading on 15 February, and that the average daily volume for the month was 6,158 contracts, an increase of 14.5% on the previous record of 5,378 contracts. Each contract is for 1,000 barrels of oil.
Saudi Crude Prices Raised To West, Reduced For Far East
Saudi Aramco on 5 May announced its June crude pricing formulas to customers, raising the prices for all crudes to the US, Northwest Europe and the Mediterranean and reducing those to the Far East. Saudi Aramco normally bases its pricing formulas mainly on recent spot price movements for competing crudes in the regional markets. Of late Saudi Arabia has increased production and has reassured the market that it has ample crude available to meet demand. Saudi Minister of Petroleum and Mineral Resources Ali Naimi told reporters in Tokyo on 8 May that Saudi Aramco is currently producing around 10mn b/d of crude. He added: “In addition to our spare capacity of 2.5mn b/d, we have on the ground, in tanks and in pipelines, about 80mn barrels of inventory. These are working inventory.”
The formulas for June 2012 and the previous 12 months for deliveries to the US, Europe and the Far East – on an FOB Saudi Arabia basis, 50 days after B/L for the US, 40 days after B/L for NW Europe, and B/L date to the Far East – are as follows ($/B):
US (Price Reference ASCI)
|
|
|
2012
|
2011
|
|
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
Arab Light (32-36°)
|
+0.50
|
+0.20
|
+0.05
|
-0.05
|
+0.25
|
-0.05
|
-0.05
|
-0.20
|
+0.20
|
+0.50
|
+0.10
|
+0.25
|
+0.45
|
Arab Medium (29-32°)
|
-1.85
|
-2.20
|
+2.10
|
-2.15
|
-1.90
|
-1.90
|
-1.90
|
-2.15
|
-2.15
|
-2.00
|
-2.00
|
-2.15
|
-2.25
|
Arab Heavy (<29°)
|
-3.60
|
-4.05
|
+3.40
|
-3.75
|
-3.60
|
-3.30
|
-3.40
|
-3.75
|
-4.45
|
-4.00
|
-3.70
|
-3.90
|
-4.80
|
Arab Extra Light (36-40°)
|
+2.25
|
+2.20
|
+1.85
|
+1.85
|
+2.20
|
+1.55
|
+1.85
|
+1.80
|
+2.75
|
+3.00
|
+2.25
|
+2.90
|
+3.45
|
North West Europe (Price Reference Brent Weighted Average)
|
|
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
Arab Light (32-36°)
|
-2.60
|
-3.85
|
-1.25
|
-0.85
|
-1.75
|
-0.35
|
-1.25
|
-1.40
|
-0.70
|
-2.05
|
-3.10
|
-2.45
|
-4.15
|
Arab Medium (29-32°)
|
-4.40
|
-5.70
|
-2.95
|
-2.40
|
-3.55
|
-2.15
|
-3.00
|
-3.25
|
-2.70
|
-4.00
|
-5.00
|
-4.65
|
-6.90
|
Arab Heavy (<29°)
|
-6.65
|
-7.60
|
-4.60
|
-4.30
|
-5.55
|
-4.25
|
-5.25
|
-5.40
|
-5.00
|
-6.05
|
-7.25
|
-6.80
|
-9.60
|
Arab Extra Light (36-40°)
|
-1.00
|
-1.80
|
+0.70
|
+1.55
|
+0.70
|
+1.95
|
+1.25
|
+1.15
|
+2.30
|
+0.05
|
-1.05
|
-0.10
|
-1.00
|
Mediterranean (Price Reference Brent Weighted Average)
|
|
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
Arab Light (32-36°)
|
-2.10
|
-2.85
|
-1.10
|
-1.10
|
-2.20
|
-0.40
|
-0.85
|
-1.10
|
-0.70
|
-2.85
|
-3.10
|
-3.20
|
-4.40
|
Arab Medium (29-32°)
|
-3.45
|
-4.30
|
-2.60
|
-2.45
|
-3.80
|
-2.30
|
-2.55
|
-2.80
|
-2.65
|
-4.85
|
-5.25
|
-6.25
|
-8.55
|
Arab Heavy (<29°)
|
-5.65
|
-6.55
|
-4.80
|
-4.40
|
-5.80
|
-4.45
|
-4.55
|
-4.80
|
-4.95
|
-7.35
|
-7.40
|
-8.45
|
-11.25
|
Arab Extra Light (36-40°)
|
+0.30
|
+0.10
|
+1.75
|
+1.45
|
0.00
|
+1.55
|
+0.95
|
+1.20
|
+2.15
|
0.00
|
-0.95
|
-1.05
|
-1.55
|
Far East (Price Reference Oman/Dubai)
|
|
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
Arab Light (32-36°)
|
+1.15
|
+2.45
|
+2.80
|
+1.55
|
+2.05
|
+4.15
|
+2.50
|
+2.70
|
+1.65
|
+0.75
|
+1.35
|
+1.45
|
+2.15
|
Arab Medium (29-32°)
|
-0.35
|
+0.80
|
+0.90
|
+0.25
|
+0.75
|
+2.75
|
+1.10
|
+1.15
|
-0.30
|
-1.35
|
-0.35
|
-0.65
|
-0.75
|
Arab Heavy (<29°)
|
-1.80
|
-0.85
|
-0.75
|
-0.85
|
-0.45
|
+1.35
|
-0.25
|
-0.45
|
-2.15
|
-3.30
|
-1.90
|
-2.65
|
-3.50
|
Arab Extra Light (36-40°)
|
+2.45
|
+4.25
|
+5.20
|
+3.10
|
+3.55
|
+5.65
|
+3.95
|
+4.65
|
+3.85
|
+3.05
|
+2.95
|
+3.45
|
+4.85
|
Arab Super Light (>40°)
|
+2.50
|
+5.15
|
+7.60
|
+4.20
|
+4.10
|
+5.90
|
+3.95
|
+5.65
|
+5.35
|
+4.65
|
+3.85
|
+4.85
|
+7.75
|
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