According to trade sources, QatarEnergy has raised the September term price for al-Shaheen crude to $1.88 a barrel above Dubai quotes, the highest premium in three months.
The term price is up from a premium of $1.21 a barrel for August. The increase comes after QatarEnergy sold three cargoes via a tender.
Specifically:
Glencore bought the first cargo loading on Sept. 1-2 at a premium of $1.90 a barrel.
Totsa purchased the remaining two loading on Sept. 17-18 and 25-26 at a premium of $1.80 a barrel.
Separately, Thailand’s PTT was awarded the September-loading Qatar Marine and Land crude cargoes via QatarEnergy’s tenders at premiums of about 80 cents and 70 cents a barrel, respectively, to Dubai quotes.
The higher term price for al-Shaheen crude reflects the current strength in the crude oil market, with the premium rising to a 3-month high. This indicates tighter supply and higher demand for Qatari crude grades.