Saudi crude formula prices fell for April loading exports to the Asia-Pacific, likely pressured by falling crude demand, softer refining margins and competition from Iraqi crude. The Saudi term price differentials are lower than what most market players had expected, especially for Arab Light, Arab Medium and Arab Heavy. The formula prices are a spot of good news for Asian refiners struggling with wavering margins. Asia's benchmark Singapore hydrocracker refining margins to Oman crude fell by $1.67 per barrel over two weeks to a loss of 39￠/bbl for the week ending Feb. 21. They have since recovered slightly, but remain weak, at just 6￠/bbl in the week ending Feb. 28.
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