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QatarEnergy raises price of Al Shaheen crude for February 2025 futures contracts
(MENAFN) QatarEnergy has increased the price of Al Shaheen crude for February 2025 futures contracts, setting it at a premium of USD1.05 per barrel to Dubai prices, according to oil trading sources cited by a news agency on Wednesday. This marks a USD0.32 increase from the January loading price, which had been set at a USD0.73 per barrel premium to Dubai prices. The price adjustment reflects changing market dynamics as QatarEnergy continues to refine its pricing strategy for crude exports.
The February price was established following Qatar's sale of three cargoes of Al Shaheen crude. Two of these cargoes were sold to Glencore, while one was sold to Tutsa, with premiums ranging between USD0.9 and USD1.05 per barrel over Dubai crude prices. These transactions highlight robust demand for Al Shaheen crude, which is recognized for its quality and relevance in the regional oil market.
In addition to Al Shaheen crude, QatarEnergy also finalized sales of other crude grades. The company sold a cargo of its marine crude at a premium of USD0.3 per barrel over Dubai prices and another cargo of land crude at a premium of USD0.1 per barrel over Dubai prices. Both cargoes were purchased by PTT, reflecting continued buyer interest across Qatar’s diverse crude offerings.
In the broader oil market, Brent crude futures for February 2025 delivery edged up by USD0.1, or 0.07 percent, reaching USD73.26 per barrel as of 5:10 a.m. GMT. Similarly, US West Texas Intermediate (WTI) crude futures for January 2025 delivery rose by USD0.14, or 0.1 percent, to USD70.2 per barrel. The market also received a boost from preliminary data by the American Petroleum Institute, showing a decline of 4.7 million barrels in US inventories last week, signaling strengthening demand and tighter supply conditions.
The February price was established following Qatar's sale of three cargoes of Al Shaheen crude. Two of these cargoes were sold to Glencore, while one was sold to Tutsa, with premiums ranging between USD0.9 and USD1.05 per barrel over Dubai crude prices. These transactions highlight robust demand for Al Shaheen crude, which is recognized for its quality and relevance in the regional oil market.
In addition to Al Shaheen crude, QatarEnergy also finalized sales of other crude grades. The company sold a cargo of its marine crude at a premium of USD0.3 per barrel over Dubai prices and another cargo of land crude at a premium of USD0.1 per barrel over Dubai prices. Both cargoes were purchased by PTT, reflecting continued buyer interest across Qatar’s diverse crude offerings.
In the broader oil market, Brent crude futures for February 2025 delivery edged up by USD0.1, or 0.07 percent, reaching USD73.26 per barrel as of 5:10 a.m. GMT. Similarly, US West Texas Intermediate (WTI) crude futures for January 2025 delivery rose by USD0.14, or 0.1 percent, to USD70.2 per barrel. The market also received a boost from preliminary data by the American Petroleum Institute, showing a decline of 4.7 million barrels in US inventories last week, signaling strengthening demand and tighter supply conditions.
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