Three-Layer Pricing Breakdown
1. OSP (official selling price). SOMO's September Asia OSP: Basrah Medium at a -$4.00/bbl discount and Basrah Heavy at -$7.30/bbl to the average of Oman/Dubai assessments — tightened by $2.50 / $1.50 respectively versus August (-$6.50 / -$8.80), reflecting supply-side firming.
2. Spot discount (term rebate). Term stealth rebates reference the August band: Medium $25–29.80, Heavy $27.80–29.80/bbl (latest reference; subject to update).
3. Loadings premium +30% mechanism. September tender loadings premium: ≥$0.20 (1–10) and ≥$3.00/bbl (11–30), priced FOB on STS (ship-to-ship) transfer off Fujairah; delivered cargoes add roughly +30% risk-transfer premium. Per Kpler, SOMO's Sep–Oct cargoes were sold to Asian buyers at Dubai +$10/bbl delivered.
Net-to-Hand Differential (Medium example)
OSP -$4.00 + term rebate (~$27 mid) + late-month loading premium $3.00 (STS+30% ≈ $3.90) ≈ delivered cost roughly $30+/bbl above Dubai, the bulk of which is Hormuz/Bab al-Mandeb war-risk insurance.
Trading Notes
- Hormuz: Kpler counted only 7 transits on Sep 10 (10-day avg ~15, pre-war ~130); most vessels sail dark with AIS off. Iran declared the strait closed on Sep 11 but sporadic transits continue. Iran–GCC–Iraq to meet in Oman on Sep 14.
- Bab al-Mandeb: Houthis took Mocha (Sep 10) and Perim Island (Sep 11), now controlling both lanes; only 6 vessels crossed. Saudi suspended its East–West pipeline (the main Hormuz bypass) after Iraqi drone strikes on pump stations.
- Chinese buyers: Rongsheng, Shenghong and CNPC returned to ME spot tenders, securing Sep–Nov cargoes at Dubai +$5–8 (STS). China's onshore crude stocks fell to 1,172 Mbbl (~88 days); retail gasoline/diesel rose 260/250 yuan/t from Sep 12.
Sources: SOMO official OSP (chemicalsupdates / Argus / FXBus), Kpler vessel data, The National / MaritimeNews, CLS / Jin10.
