DUBAI: Abu Dhabi National Oil Company (ADNOC) said on Friday it set the July retroactive selling price for its benchmark Murban crude <MUR-OSP> at $48.60 per barrel.
That puts Murban’s OSP premium to Dubai quotes at $1.03 a barrel, up 20 cents from the previous month. Das’s OSP premium to Dubai quotes rose 30 cents from June. The price hike for Abu Dhabi light grades was more than expected, a trader said, as there were no cargoes that traded at a premium of 20 cents last month. “Murban could still trade at a premium this month but the upside will be limited,” he said. ADNOC typically uses the previous month’s trade as a gauge while adjusting the OSP differentials to Dubai for all grades. Upper Zakum’s OSP differential to Dubai quotes rose 5 cents, in line with last month’s trade, traders said.
