Exxon ... hiking premiums for Upper Zakum
Exxon sells Upper Zakum crude at highest premium
SINGAPORE, August 13, 2015
ExxonMobil has sold a cargo of Abu Dhabi's Upper Zakum crude for October loading at the highest premium in 10 months, traders said.
Strong demand for the crude, one of three grades that can be delivered during the Platts Market on Close (MoC) price assessment process, boosted its premiums, they said. Platts sets the price of Asia crude benchmark Dubai based on trades during the MoC process.
The 500,000-barrel cargo was sold to a Chinese buyer at a premium of about 60 cents a barrel above its official selling price (OSP), they said.
The deal could not be independently verified.
Last week, Mitsui and P66 sold October-loading Upper Zakum at 30-40 cents a barrel above OSP.
Upper Zakum's premium last hit a high of more than 80 cents in October last year when December-loading cargoes were traded. -- Reuters
