Middle East Crude-EFS flips to negative; QP issues monthly tenders

SectorOil & Gas
CountryMiddle east

SINGAPORE- Middle East crude benchmarks Oman and Dubai fell on Monday on demand concerns, while Brent flipped into a discount to Dubai swaps for the first time since May.The Asia Pacific Petroleum Conference (APPEC), Asia's largest annual oil industry gathering, began on Monday in a virtual format.The Brent-Dubai crude's Exchange of Futures for Swaps (EFS) DUB-EFS-1M , a spread that allows oil traders to gauge the relative price strength of Brent-linked and Dubai-linked crude, dropped to negative 5 cents, from positive 11 cents last Friday, Refinitiv data showed.Qatar Petroleum (QP) has issued its monthly crude tender selling two cargoes of al-Shaheen crude, loading Nov. 1-2 and Nov. 27-28, and one cargo of November-loading Qatar Land crude. The tender will close on Tuesday with bids valid till Wednesday.Qp has also offered ...read more...