The sour crude complex was steady to lower in mid-morning trade in Asia Aug. 27 in thin trade, with both flat prices and intermonth spreads rangebound from the previous session.
October Dubai futures were pegged at $45.45/b at 11 am Singapore time (0300 GMT), edging down 7 cents/b from the Asia close on Aug. 26.
Intermonth spreads for Dubai crude futures were also steady to weaker amid little improvement in demand-supply fundamentals, trade sources said.
The September/October Dubai timespread was pegged at a contango of 42 cents/b at 0300 GMT, widening 2 cents/b from the previous Asia close.
The October/November timespread was pegged at a contango of 23 cents, widening 4 cents/b over the same period, Platts data showed.
Weak refining margins continued to put a cap on market structure recovery as demand for medium crude grades remained suppressed by weak gasoil margins.
The front-month Singapore 10 ppm sulfur gasoil swap spread against Dubai crude swaps has fallen to a near three-month low amid a supply glut.
The front month September 10 ppm sulfur gasoil swap crack was assessed at $5.19/b at the Asia close Aug. 26, down 12 cents/b day on day. The crack was last assessed lower at $4.96/b on June 9, Platts data showed.
Meanwhile, most sour crude buyers have wrapped up purchasing for October-loading cargoes, leaving some spot supply still available in the market, participants said.
