Pemex will lower the constant term -- or "K factor" -- for its price formula for November deliveries of Maya, Isthmus and Olmeca crudes to the Americas, Asia and Europe, according to the Mexican state company's PMI trading arm.
The differential for Maya deliveries in the Americas in November was lowered 45 cents to minus $3.10/b, PMI said late Wednesday in a notice to customers.
Pemex's exports of Maya crude to the Americas, apart from the US West Coast, are usually priced at a premium or discount to a formula based on the values of similar regional crudes.
The US Gulf Coast and European formulas for Maya also reflect fuel oil values, because of Maya's sizable fuel oil yield.
Maya has a 22 API gravity and 3.3% sulfur content.
For Asian deliveries, the Maya differential was lowered $1.90 to a discount of $12.35/b to the PMI formula for the region.
The Maya differential for November-loading cargoes to Europe was lowered 10 cents to a discount of $6.15/b to PMI's European regional formula.
The Isthmus crude differential for deliveries to the Americas was decreased 35 cents/b to a discount of 45 cents/b.
For deliveries to the US West Coast, the differential was down 30 cents/b to a premium of $2.25/b to the Pemex price formula.
For European deliveries, the differential for Isthmus was down 30 cents to a discount of $3.05/b to the Pemex price formula for Europe.
The Isthmus differential for Asian deliveries fell $1.90/b to a discount of $4.65/b to the formula.
Pemex also decreased the differential for Olmeca crude deliveries to the Americas by 15 cents/b to a premium of $2.15/b to the applicable formula in the region.
For European deliveries, the differential for Olmeca was unchanged at a discount of $2.50/b to the Pemex price formula.
