02 September 2025: 09:30 BST
ADNOC came out super early with its October loading crude oil OSPs. Last month they kept us waiting for the release, but this time, they’re out of the traps like a greyhound! The Murban OSP is set as an average of the month’s IFAD minute markets, so is a purely mechanical process. There’s no need for them to wait for the more vibey Saudis!
For October, Murban is set at $70.10/bbl, down $1.02 from the September OSP. The flat price decrease should not surprise anybody, who should focus instead on the hanging question: why was Murban so strong relative to all the other medium sweet crude oils? ‘It is a big mystery,’ said a trader. ‘We can’t explain it, it makes no sense based on fundamentals,’ said the trader. But in the harsh reality as a reflection of what traded in the futures exchange. I guess he implies there was a squeeze.
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