QatarEnergy Sets November al-Shaheen Oil Term Price at Highest in 5 Months

QatarEnergy has set the term price for al-Shaheen crude oil loading in November at the highest in five months, trade sources said on Thursday, on firm demand for Middle East crude in Asia ahead of peak winter fuel consumption.

The November term price was set at US$2.09 a barrel to Dubai quotes, US$1.22 a barrel higher than the previous month, they said.

QatarEnergy set the price after selling two spot cargoes via a tender.

Aramco Trading bought the cargo loading on Nov. 1-2 at US$2.10-US$2.20 a barrel above Dubai quotes while Unipec purchased the Nov. 27-28 cargo at a premium of US$1.90-US$2 a barrel, the sources said.

Separately, QatarEnergy has sold one Qatar Land crude cargo to Japanese refiner Idemitsu at US$1.10-US$1.20 a barrel above Dubai quotes and it also awarded a Qatar Marine crude cargo to Eneos at a premium of US$1 a barrel, the sources said.

All the cargoes are 500,000 barrels each.