April Murban slips into deeper discount

Values in the Middle East crude market slipped further on Monday, with differentials for the benchmark Murban grade weighed down by weak demand and softer middle distillate cracks. At least one April-lifting cargo of the Abu Dhabi crude was traded at a discount of around 20 cents a barrel to Adnoc official selling prices, down nearly 10 cents from week-ago values, traders said. Asian front-month gasoil cracks are trading just above $16.00 a barrel, slipping from the previous session, Reuters data showed. April Oman traded on the DME was higher at a premium of $2.32 to Dubai swap quotes at 0830 GMT, using the settlement price for DME futures, the ICE one-minute marker for Singapore and the Brent-Dubai EFS as calculated by Reuters. Front-month Brent/ Dubai Exchange of Futures for Swaps (EFS) for April eased 63 cents from the previous session to $3.70 a barrel. China rebuked Iran on Monday for stopping oil sales to British and French companies at the weekend, calling for renewed efforts at dialogue over an escalating stand-off over Tehran’s controversial nuclear programme.