|
16 July 2012
|
Volume 55, Issue 29 - ENERGY FUNDAMENTALS |
| |
|
Crude Oil Formulas/Posted Prices ($/B)
Abu Dhabi
($/B)
|
|
2012
|
2011
|
|
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
Murban (39�)
|
97.35
|
110.60
|
121.20
|
127.00
|
120.45
|
114.20
|
111.80
|
114.35
|
108.95
|
110.90
|
109.05
|
113.95
|
112.15
|
Lower Zakum (40�)
|
96.90
|
110.20
|
120.80
|
126.60
|
120.05
|
113.85
|
111.45
|
114.00
|
108.65
|
110.60
|
108.75
|
113.65
|
111.95
|
Umm Shaif (37�)
|
96.55
|
109.80
|
120.40
|
126.20
|
119.65
|
113.40
|
111.05
|
113.60
|
108.25
|
110.15
|
108.25
|
113.15
|
111.55
|
Upper Zakum (34�)
|
95.65
|
108.30
|
118.65
|
124.45
|
117.80
|
111.60
|
108.85
|
111.40
|
105.65
|
107.25
|
105.05
|
109.95
|
107.95
|
Iran
(+ / - Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Asia (Oman/Dubai)
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34�)
|
+2.24
|
+1.54
|
+1.36
|
+2.66
|
+3.01
|
+1.76
|
+2.26
|
+4.36
|
+2.74
|
+2.94
|
+1.89
|
+1.01
|
+1.61
|
Iranian Heavy (31�)
|
+0.81
|
-0.04
|
-0.36
|
+0.79
|
+0.89
|
+0.24
|
+0.74
|
+2.74
|
+1.09
|
+1.14
|
-0.31
|
-1.38
|
-0.38
|
Foroozan (31�)
|
+1.02
|
+0.17
|
-0.18
|
+0.97
|
+1.07
|
+0.42
|
+0.92
|
+2.92
|
+1.24
|
+1.29
|
-0.16
|
-1.24
|
-0.24
|
Soroosh (18.6�)*
|
-5.60
|
NA
|
-5.50
|
-5.10
|
-4.94
|
-4.24
|
-4.19
|
-3.89
|
-3.84
|
-4.09
|
-4.29
|
-4.35
|
-3.35
|
Norooz (20.6�)*
|
-5.60
|
NA
|
-5.50
|
-5.10
|
-4.94
|
-4.24
|
-4.19
|
-3.89
|
-3.84
|
-4.09
|
-4.29
|
-4.35
|
-3.35
|
Iraq
(+/- Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Basrah Light Crude
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (ASCI*)
|
-1.50
|
-1.65
|
-1.80
|
-1.90
|
-2.00
|
-2.00
|
-1.70
|
-1.50
|
-1.60
|
-1.60
|
-1.70
|
-1.85
|
-1.75
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (Dated Brent)
|
-3.20
|
-4.40
|
-4.50
|
-6.10
|
-4.15
|
-2.55
|
-4.35
|
-2.50
|
-3.15
|
-4.10
|
-3.00
|
-4.05
|
-4.55
|
Far East
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (Oman/Dubai)
|
+0.95
|
+0.30
|
-0.25
|
+1.35
|
+1.15
|
+0.65
|
+1.10
|
+2.90
|
+1.80
|
+1.65
|
+0.05
|
-1.00
|
0.00
|
Kirkuk Crude ex-Ceyhan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kirkuk (ASCI*)
|
+0.60
|
+0.45
|
+0.50
|
+0.35
|
+0.05
|
-0.25
|
+0.05
|
+0.15
|
+0.10
|
+0.10
|
+0.10
|
+0.20
|
0.00
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kirkuk (Dated Brent)
|
-1.15
|
-2.55
|
-2.30
|
-3.50
|
-2.25
|
-1.25
|
-2.90
|
-0.70
|
-1.35
|
-1.95
|
-1.45
|
-2.75
|
-2.75
|
* Iraq�s State Oil Marketing Organization (SOMO) began as of 1 April 2010 pricing its crude oil destined to the US at differentials to the Argus Sour Crude Index (ASCI). Prior to that, crude exports to the US had been priced at Platts WTI 2nd
month for Basrah Light, and Platts WTI 1st
month for Kirkuk.
Kuwait
(+ / - Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Kuwait Export Crude
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Far East (31�)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oman/Dubai
|
+0.70
|
-0.15
|
-0.60
|
+0.60
|
+0.70
|
+0.05
|
+0.50
|
+2.40
|
+0.85
|
+0.90
|
-0.55
|
-1.55
|
-0.60
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEC (BWAVE) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arab Medium
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
-3.70
|
-4.70
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEC (WTI) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arab Medium
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
-2.00
|
-2.00
|
OPEC Basket 2012
Spot Quotations for the OPEC Reference Basket
($/B)
|
|
|
Arab
|
Basra
|
Bonny
|
|
|
Iranian
|
Kuwait
|
2012
|
Basket
|
Light
|
Light
|
Light
|
Es Sider
|
Girassol
|
Heavy
|
Export
|
Jan
|
111.76
|
112.82
|
110.21
|
113.08
|
111.28
|
113.01
|
111.77
|
112.00
|
Feb
|
117.48
|
118.01
|
116.21
|
122.36
|
120.26
|
120.51
|
116.51
|
116.79
|
Mar
|
122.97
|
123.43
|
121.96
|
127.98
|
126.03
|
126.30
|
122.46
|
122.32
|
Apr
|
118.18
|
118.94
|
116.26
|
122.36
|
120.71
|
121.32
|
117.78
|
117.53
|
May
|
108.07
|
108.48
|
105.94
|
112.87
|
111.27
|
111.20
|
107.06
|
107.55
|
Jun
|
93.98
|
94.51
|
92.02
|
97.19
|
96.04
|
96.44
|
93.09
|
93.32
|
|
|
|
|
|
|
|
|
|
|
YTD Average
|
112.05
|
112.67
|
110.41
|
115.97
|
114.26
|
114.78
|
111.41
|
111.56
|
|
|
|
|
|
|
|
|
|
|
Year 2011
|
107.46
|
107.82
|
106.17
|
114.15
|
111.90
|
111.57
|
106.11
|
105.63
|
Year 2010
|
77.45
|
77.82
|
76.79
|
81.07
|
79.13
|
79.53
|
76.74
|
76.32
|
Year 2009
|
61.06
|
61.38
|
60.50
|
63.25
|
61.45
|
61.81
|
60.62
|
60.68
|
Year 2008
|
94.45
|
95.16
|
92.08
|
100.60
|
96.65
|
95.64
|
91.49
|
91.16
|
Year 2007
|
69.08
|
68.75
|
66.40
|
75.14
|
71.41
|
70.88
|
67.06
|
66.35
|
Year 2006
|
61.08
|
61.10
|
57.97
|
66.84
|
63.35
|
63.06
|
59.27
|
58.88
|
|
|
Qatar
|
|
|
|
Saharan
|
|
|
Dated
|
2012
|
Marine
|
Merey
|
Murban
|
Oriente
|
Blend
|
Dubai
|
WTI
|
Brent
|
Jan
|
110.65
|
107.77
|
113.03
|
104.11
|
111.43
|
109.86
|
100.30
|
110.58
|
Feb
|
116.99
|
109.26
|
119.31
|
112.44
|
120.36
|
116.17
|
102.35
|
119.56
|
Mar
|
122.80
|
112.07
|
125.61
|
118.26
|
126.13
|
122.47
|
106.31
|
125.33
|
Apr
|
117.39
|
108.62
|
120.44
|
113.86
|
120.81
|
117.30
|
103.35
|
119.71
|
May
|
107.79
|
99.97
|
110.58
|
102.25
|
110.27
|
107.71
|
110.27
|
94.45
|
Jun
|
94.86
|
87.52
|
96.76
|
89.22
|
94.69
|
94.44
|
82.23
|
95.19
|
|
|
|
|
|
|
|
|
|
|
YTD Average
|
111.73
|
104.16
|
114.27
|
106.66
|
113.93
|
111.31
|
98.15
|
113.43
|
|
|
|
|
|
|
|
|
|
|
Year 2011
|
106.53
|
97.94
|
109.77
|
101.03
|
112.92
|
106.21
|
94.99
|
111.36
|
Year 2010
|
78.18
|
69.70
|
79.94
|
72.82
|
80.35
|
78.10
|
79.42
|
79.60
|
Year 2009
|
62.38
|
55.90
|
63.78
|
55.84
|
62.35
|
61.83
|
61.88
|
61.68
|
Year 2008
|
94.86
|
86.73
|
99.03
|
85.43
|
98.96
|
93.85
|
100.00
|
97.37
|
Year 2007
|
69.30
|
61.80
|
72.87
|
61.55
|
74.66
|
68.38
|
72.29
|
72.55
|
Year 2006
|
62.64
|
52.01
|
66.07
|
53.93
|
66.05
|
61.54
|
66.04
|
65.16
|
Source
: OPEC Monthly Oil Market Report
.
Qatar
($/B)
|
|
2012
|
2011
|
|
|
June
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
Land (40�)
|
96.15
|
109.45
|
120.10
|
126.00
|
119.55
|
113.30
|
110.75
|
113.35
|
108.00
|
110.00
|
108.15
|
113.05
|
111.20
|
Marine (36�)
|
95.60
|
108.50
|
118.80
|
124.90
|
118.40
|
112.20
|
109.50
|
112.10
|
106.30
|
107.85
|
105.60
|
110.45
|
108.45
|
Yemen
(Dated Brent + / - Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Marib Light (40�)
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
Masila Blend (30�)
|
+0.52
|
+0.23
|
+1.12
|
+1.63
|
+2.55
|
+2.55
|
+2.15
|
+2.93
|
+2.57
|
+1.33
|
+0.93
|
-0.93
|
-1.47
|
© Copyright MEES 2012.
|
| |
| © Middle East Economic Survey (MEES) 2013. |
| |
