By Florence Tan
SINGAPORE (Reuters) -Saudi Aramco has raised prices for all crude grades it sells to Asia in March from February, in line with market expectations.
The world’s top oil exporter increased its March price for its Arab Light crude grade for Asian customers by 60 cents a barrel versus February to a premium of $2.80 a barrel to the Oman/Dubai average, Aramco said on Saturday.
March Arab Light crude to the United States was raised by 30 cents a barrel versus February to a premium of $2.45 a barrel versus ASCI (Argus Sour Crude Index).
Prices to Northwestern Europe for the same grade were set at a discount of 10 cents a barrel versus ICE Brent, an increase of $1.70 a barrel compared to February.
The producer had been expected to raise the March price for the flagship grade to Asia by 60 cents a barrel, according to a Reuters survey of seven refining sources in late January.
The price hikes reflected firm demand in Asia and stronger margins for gasoil and jet fuel.
Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average:
MARCH FEB CHANGE
SUPER LIGHT 5.45 5.15 0.30
EXTRA LIGHT 3.60 3.20 0.40
LIGHT 2.80 2.20 0.60
MEDIUM 2.75 2.05 0.70
HEAVY 1.40 0.70 0.70
UNITED STATES (versus ASCI) MARCH FEB CHANGE EXTRA LIGHT 3.80 3.50 0.30 LIGHT 2.45 2.15 0.30 MEDIUM 1.75 1.45 0.30 HEAVY 1.30 1.00 0.30 Prices at Ras Tanura destined for Northwest Europe are setagainst ICE Brent:NW EUROPE MARCH FEB CHANGE EXTRA LIGHT +2.20 -0.10 +2.30 LIGHT -0.10 -1.80 +1.70 MEDIUM -0.90 -2.00 +1.10 HEAVY -2.60 -3.30 +0.70 Prices at Ras Tanura for Saudi oil destined for theMediterranean are set against ICE Brent:MEDITERRANEAN MARCH FEB CHANGE EXTRA LIGHT +2.30 +0.50 +1.80 LIGHT 0.00 -1.40 +1.40 MEDIUM -1.10 -2.00 +0.90 HEAVY -2.60 -3.00 +0.40
(Reporting by Florence Tan and Maha El Dahan; Editing by Himani Sarkar, Jane Wardell and Alison Williams)
