据普氏能源资讯8月27日报道，本周，由于10月原油期货交易接近尾声，交易员们正为下周开始的11月装货周期做准备，基准的迪拜原油期货对布伦特原油的11月合约折价幅度有所收窄。

周二上午新加坡11点(格林威治03：00), 11月布伦特原油/迪拜期货价差从周一亚洲收盘时的3.02美元/桶评估值缩小至2.97美元/桶, 这是过去几个月来常见的趋势，迪拜对全球原油基准的折价收紧至低于30美元/桶。

亚洲贸易商对这种情况大多感到困惑。随着国际海事组织(International Maritime Organization) 2020年1月设定的收紧低硫船用燃料标准的最后期限越来越近，预计高硫迪拜原油价格将较低硫布伦特原油有更大折扣。

新加坡一位交易员表示:“目前没有人参与IMO的交易。”他指的是市场参与者在2020年之前，就布伦特对迪拜的溢价进行持仓，鉴于这两种原油的硫价差存在差异。从2020年1月1日起，国际海事组织将把全球海洋燃料的硫含量限制在0.5%，而现在是3.5%。

周二上午，10月份布伦特/迪拜掉期期货交易所(Brent/Dubai Exchange of Futures for swaps)价格基本稳定在2.72美元/桶，与周一的评估水平相同；迪拜原油期货9月/ 10月月间价差从周一晚间的1.04美元/桶小幅降至1.02美元/桶。与此同时，10月/ 11月的价差从同期的85美分/桶收窄至81美分/桶。

这位交易员补充称:“11月的到来是任何人都计划好的——新闻头条如此不确定，在纸面上摆出任何大仓位都是有风险的。”

标普全球cFlow软件数据显示，6月伊朗原油日产量从5月的约90.9万桶降至约44.9万桶。初步数据显示，伊朗7月份石油出口平均约为45万桶/天。

邹勤 摘译自 普氏能源资讯

原文如下：

Brent/Dubai forward spreads tighten toward month-end

Benchmark Dubai crude futures' discount to Brent tightened for the November contract as trading of October cargoes drew to a close this week, and traders prepare for the November loading cycle to kick off next week.

At 11 am in Singapore on Tuesday (0300 GMT), the November Brent/Dubai futures spread narrowed from the $3.02/b assessment at Monday's Asian close, to $2.97/b, in a familiar trend seen over the past several months, where Dubai's discount to the global crude benchmark tightens to sub-$3/b territory just before the current forward month rolls to become the next prompt month for futures trading.

Traders in Asia have been largely puzzled by the situation, as high sulfur Dubai crude is expected to fall into wider discounts compared with low sulfur Brent as the International Maritime Organization's January 2020 deadline for tighter low sulfur marine fuel standards draws closer.

"Nobody putting on the IMO trade at the moment," a trader in Singapore said, referring to market participants taking positions in relation to Brent's premium to Dubai widening, given the difference between the sulfur spreads of the two crudes, ahead of IMO 2020. The IMO will cap global sulfur content in marine fuels at 0.5% starting January 1, 2020, compared with 3.5% now.

October Brent/Dubai Exchange of Futures for swaps remained largely steady at $2.72/b Tuesday morning, same as Monday's assessed level.

The September/October intermonth spread for Dubai futures ticked down a tad to $1.02/b Tuesday morning, from $1.04/b late Monday. Meanwhile, the October/November spread narrowed to 81 cents/b from 85 cents/b in the same period.

"November arrivals is as far as anyone's planning -- the headlines are so uncertain that putting on any big position on paper is risky," the trader added.

In further developments to US policy on Iran sanctions, President Donald Trump said Monday he may support extending a credit line "secured by oil," to help cover Iran's near-term financial obligations.

Trump said Monday that sanctions on Iran "are absolutely hurting them horribly."

Last week, Brian Hook, the US Department of State's special representative for Iran, said US sanctions have caused Iranian crude exports to fall to about 100,000 b/d in July, down from roughly 2.5 million b/d a year earlier.

According to data from S&P Global Platts' trade flow software, cFlow, shipments of Iranian oil fell to about 449,000 b/d in June from about 901,000 b/d in May. Initial data show Iranian oil exports averaged about 450,000 b/d in July.