Mexico's Pemex will raise the constant term -- or "K factor" -- for its price formula for January deliveries of Maya crude to the Americas and Europe, while lowering the formula to Asia, the state-owned company's trading arm, PMI, said Wednesday.
The differential for Maya deliveries in the Americas in January rose 35 cents from December to minus $2.85/b, PMI said.
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, due to Maya's sizable fuel oil yield.
Maya has a 22 API gravity and 3.3% sulfur content.
The Maya differential for January-loading cargoes to Europe increased 50 cents to a discount of $5.15/b to PMI's European regional formula.
For Asian deliveries, the Maya differential decreased 10 cents to a discount of $11.95/b to the PMI formula for the region.
The Isthmus crude differential for deliveries to the Americas was $1.45 lower at a discount of $1.90/b. For deliveries to the US West Coast, the Isthmus K factor fell $1.90 to a discount of 10 cents/b to the Pemex price formula.
For European deliveries, the differential for Isthmus was 50 cents lower at a discount of $3.55/b to the Pemex price formula for Europe. The Isthmus differential for Asian deliveries fell 25 cents to a discount of $4.60/b to the formula.
Pemex lowered the differential for Olmeca crude deliveries to the Americas by $1.55/b to a premium of 50 cents/b to the applicable formula in the region. For European deliveries, the differential for Olmeca decreased $1.20 to a discount of $3.25/b to the Pemex price formula.
