Front-month Brent/Dubai Exchange of Futures for Swaps, or EFS, widened during the mid morning trade May 27, amid a slowing pace of spot trading activity as the July-loading trading cycle inches to a close.
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Register NowAt 11 am Singapore time (0300 GMT) on May 27, the July Brent/Dubai EFS was pegged at $2.93/b, up 9 cents/b from the Asian close on May 25, S&P Global Platts data showed.
The Brent/Dubai EFS is a key indicator of the spread between light, sweet and heavy, and sour crudes. A wider EFS makes crude priced against Dubai more economically attractive for Asian refiners compared to Brent-linked ones.
Light sour grades such as Murban crude remain in focus as some Japanese refineries are yet to complete procurement requirements, market sources said.
"Usually there is a pattern that the market will fall towards the end of the month, and seems like Japanese companies waited till the end to purchase, but now the market is so high," said a trader at a North Asian refinery.
Meanwhile, refineries in other regions in Asia have mostly fulfilled their demand requirements, resulting in activity levels easing for spot trade, they said.
At mid morning in Singapore, the July/August Dubai time spread was pegged at 48 cents/b, up 1 cent/b from the Asian close on May 25, the data showed.
Meanwhile, the August/September Dubai time spread was pegged at 43 cents/b, flat from the May 25 Asian close.
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May 27, 2021 at 11:17AM
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DUBAI FUTURES: July EFS widens amid slow spot trading activity - S&P Global
"activity" - Google News
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