|
20 August 2012
|
Volume 55, Issue 34 - ENERGY FUNDAMENTALS |
| |
|
Crude Oil Formulas/Posted Prices ($/B)
Abu Dhabi
($/B)
|
|
2012
|
2011
|
|
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Murban (39�)
|
101.75
|
97.35
|
110.60
|
121.20
|
127.00
|
120.45
|
114.20
|
111.80
|
114.35
|
108.95
|
110.90
|
109.05
|
113.95
|
Lower Zakum (40�)
|
101.30
|
96.90
|
110.20
|
120.80
|
126.60
|
120.05
|
113.85
|
111.45
|
114.00
|
108.65
|
110.60
|
108.75
|
113.65
|
Umm Shaif (37�)
|
101.05
|
96.55
|
109.80
|
120.40
|
126.20
|
119.65
|
113.40
|
111.05
|
113.60
|
108.25
|
110.15
|
108.25
|
113.15
|
Upper Zakum (34�)
|
99.85
|
95.65
|
108.30
|
118.65
|
124.45
|
117.80
|
111.60
|
108.85
|
111.40
|
105.65
|
107.25
|
105.05
|
109.95
|
Algeria
(Dated Brent + / - Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Saharan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blend (44�)
|
-1.25
|
-2.95
|
-0.50
|
0.00
|
+1.10
|
+0.80
|
+0.80
|
+0.85
|
+0.70
|
+1.75
|
+3.30
|
+1.90
|
+0.70
|
Iran
(+ / - Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Asia (Oman/Dubai)
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34�)
|
+1.44
|
+2.24
|
+1.54
|
+1.36
|
+2.66
|
+3.01
|
+1.76
|
+2.26
|
+4.36
|
+2.74
|
+2.94
|
+1.89
|
+1.01
|
Iranian Heavy (31�)
|
-0.39
|
+0.81
|
-0.04
|
-0.36
|
+0.79
|
+0.89
|
+0.24
|
+0.74
|
+2.74
|
+1.09
|
+1.14
|
-0.31
|
-1.38
|
Foroozan (31�)
|
-0.18
|
+1.02
|
+0.17
|
-0.18
|
+0.97
|
+1.07
|
+0.42
|
+0.92
|
+2.92
|
+1.24
|
+1.29
|
-0.16
|
-1.24
|
Soroosh (18.6�)*
|
-5.60
|
-5.60
|
-5.50
|
-5.50
|
-5.10
|
-4.94
|
-4.24
|
-4.19
|
-3.89
|
-3.84
|
-4.09
|
-4.29
|
-4.35
|
Norooz (20.6�)*
|
-5.60
|
-5.60
|
-5.50
|
-5.50
|
-5.10
|
-4.94
|
-4.24
|
-4.19
|
-3.89
|
-3.84
|
-4.09
|
-4.29
|
-4.35
|
NWE/S Africa (BWAVE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34�)
|
NA
|
-2.05
|
-3.00
|
-2.95
|
-4.20
|
-1.75
|
-1.45
|
-2.35
|
-0.80
|
-1.55
|
-1.70
|
-1.00
|
-2.35
|
Iranian Heavy (31�)
|
NA
|
-3.55
|
-4.40
|
-4.65
|
-5.95
|
-3.35
|
-2.80
|
-3.85
|
-2.30
|
-3.00
|
-3.15
|
-2.60
|
-3.80
|
Foroozan (31�)
|
NA
|
-3.45
|
-4.30
|
-4.55
|
-5.85
|
-3.25
|
-2.70
|
-3.75
|
-2.20
|
-2.90
|
-3.05
|
-2.50
|
-3.70
|
Mediterranean (BWAVE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34�)
|
NA
|
-4.50
|
-4.60
|
-4.55
|
-5.25
|
-3.20
|
-3.20
|
-4.00
|
-2.00
|
-2.35
|
-2.50
|
-2.10
|
-4.40
|
Iranian Heavy (31�)
|
NA
|
-5.75
|
-5.60
|
-5.90
|
-6.70
|
-4.75
|
-4.60
|
-5.45
|
-3.85
|
-4.05
|
-4.20
|
-4.20
|
-6.45
|
Foroozan (31�)
|
NA
|
-5.65
|
-5.50
|
-5.80
|
-6.60
|
-4.65
|
-4.50
|
-5.35
|
-3.75
|
-3.95
|
-4.10
|
-4.10
|
-6.35
|
Soroosh (18.6�)*
|
NA
|
-9.85
|
-9.80
|
-10.40
|
-11.20
|
-9.15
|
-8.65
|
-4.00
|
-3.85
|
-7.80
|
-3.85
|
-8.20
|
-4.15
|
Norooz (20.6�)*
|
NA
|
-9.85
|
-9.80
|
-10.40
|
-11.20
|
-9.15
|
-8.65
|
-4.00
|
-3.85
|
-7.80
|
-3.85
|
-8.20
|
-4.15
|
Sidi Kerir (BWAVE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34�)
|
NA
|
-1.95
|
-1.95
|
-1.95
|
-2.70
|
-1.05
|
-1.10
|
-1.90
|
-0.05
|
-0.35
|
-0.50
|
-0.10
|
-2.30
|
Iranian Heavy (31�)
|
NA
|
-3.20
|
-2.95
|
-3.30
|
-4.15
|
-2.50
|
-2.50
|
-3.35
|
-1.90
|
-2.05
|
-2.20
|
-2.15
|
-4.35
|
Foroozan (31�)
|
NA
|
-3.10
|
-2.85
|
-3.20
|
-4.05
|
-2.40
|
-2.40
|
-3.25
|
-1.80
|
-1.95
|
-2.10
|
-2.05
|
-4.25
|
* Iran�s Soroush and Norouz crudes are discounted against Iranian Heavy crude.
Kuwait
(+ / - Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Kuwait Export Crude
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Far East (31�)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oman/Dubai
|
-0.50
|
+0.70
|
-0.15
|
-0.60
|
+0.60
|
+0.70
|
+0.05
|
+0.50
|
+2.40
|
+0.85
|
+0.90
|
-0.55
|
-1.55
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEC (BWAVE) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arab Medium
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
-3.70
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEC (WTI) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arab Medium
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
-2.00
|
Iraq
(+/- Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Basrah Light Crude
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (ASCI*)
|
-1.50
|
-1.50
|
-1.65
|
-1.80
|
-1.90
|
-2.00
|
-2.00
|
-1.70
|
-1.50
|
-1.60
|
-1.60
|
-1.70
|
-1.85
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (Dated Brent)
|
-2.50
|
-3.20
|
-4.40
|
-4.50
|
-6.10
|
-4.15
|
-2.55
|
-4.35
|
-2.50
|
-3.15
|
-4.10
|
-3.00
|
-4.05
|
Far East
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (Oman/Dubai)
|
-0.05
|
+0.95
|
+0.30
|
-0.25
|
+1.35
|
+1.15
|
+0.65
|
+1.10
|
+2.90
|
+1.80
|
+1.65
|
+0.05
|
-1.00
|
Kirkuk Crude ex-Ceyhan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kirkuk (ASCI*)
|
+0.70
|
+0.60
|
+0.45
|
+0.50
|
+0.35
|
+0.05
|
-0.25
|
+0.05
|
+0.15
|
+0.10
|
+0.10
|
+0.10
|
+0.20
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kirkuk (Dated Brent)
|
-0.65
|
-1.15
|
-2.55
|
-2.30
|
-3.50
|
-2.25
|
-1.25
|
-2.90
|
-0.70
|
-1.35
|
-1.95
|
-1.45
|
-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.
Nigeria
(Dated Brent + / - Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Bonny Light (37�)
|
+1.20
|
+1.15
|
+1.65
|
+2.00
|
+2.60
|
+2.65
|
+2.65
|
+2.80
|
+2.50
|
+2.85
|
+3.55
|
+3.65
|
+2.50
|
Brass Blend (36�)
|
NA
|
NA
|
+1.65
|
+2.00
|
+2.60
|
+2.65
|
+2.65
|
+2.80
|
+2.50
|
+2.85
|
+3.55
|
+3.65
|
+2.50
|
Qua Iboe (37�)
|
+1.20
|
+1.15
|
+1.65
|
+2.00
|
+2.60
|
+2.65
|
+2.65
|
+2.80
|
+2.50
|
+2.85
|
+3.55
|
+3.65
|
+2.50
|
Pennington (36�)
|
NA
|
NA
|
+3.25
|
+3.60
|
+4.05
|
+4.15
|
+4.20
|
+4.40
|
+4.10
|
+4.20
|
+4.95
|
+5.00
|
+3.35
|
Escravos (36�)
|
NA
|
NA
|
+1.75
|
+2.00
|
+2.30
|
+2.40
|
+2.40
|
+2.50
|
+2.25
|
+2.50
|
+3.00
|
+3.00
|
+2.05
|
Forcados (31�)
|
NA
|
NA
|
+3.00
|
+3.50
|
+3.95
|
+4.00
|
+3.90
|
+3.80
|
+3.40
|
+3.95
|
+4.65
|
+4.65
|
+3.20
|
Oman
($/B)
|
|
2012
|
2011
|
|
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Oman
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oman (34�)
|
99.47
|
94.42
|
107.68
|
117.29
|
122.80
|
117.32
|
110.63
|
107.41
|
109.33
|
104.88
|
106.96
|
105.10
|
110.78
|
Qatar
($/B)
|
|
2012
|
2011
|
|
|
Jul
|
June
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Land (40�)
|
100.55
|
96.15
|
109.45
|
120.10
|
126.00
|
119.55
|
113.30
|
110.75
|
113.35
|
108.00
|
110.00
|
108.15
|
113.05
|
Marine (36�)
|
99.75
|
95.60
|
108.50
|
118.80
|
124.90
|
118.40
|
112.20
|
109.50
|
112.10
|
106.30
|
107.85
|
105.60
|
110.45
|
Yemen
(Dated Brent + / - Adjustment Factor; $/B)
|
|
2012
|
2011
|
|
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Oct
|
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�)
|
+0.13
|
+0.52
|
+0.23
|
+1.12
|
+1.63
|
+2.55
|
+2.55
|
+2.15
|
+2.93
|
+2.57
|
+1.33
|
+0.93
|
-0.93
|
© Copyright MEES 2012.
|
| |
| © Middle East Economic Survey (MEES) 2013. |
| |
