Mexico's Pemex Raises January Crude Pricing Constants For US

MEXICO CITY --Mexico's state oil monopoly Petroleos Mexicanos, or Pemex, said Wednesday it will raise the constants, or differentials, used to price its crude oil deliveries to the U.S. and other markets in January.

For shipments to the U.S., Pemex said it will narrow the discount on heavy Maya and light Isthmus crudes, while leaving the premium on its extra light Olmeca crude unchanged.

Pemex Crude Pricing Constants For January

Crude             Constant               Previous Month 
US/Americas 
Maya               -$3.50                   -$4.35 
Olmeca             +$0.90                   +$0.90 
Isthmus            -$3.45                   -$3.95 

Europe 
Maya               +$0.40                   +$0.20 
Isthmus            +$0.84                   +$0.34 

Asia 
Maya              -$12.35                   -$12.85 
Isthmus            -$1.10                   -$1.50 

Formulas:

Maya Americas: (0.4 x (West Texas Sour + 3% Fuel Oil)) + (0.1 x (Light Louisiana Sweet + Dated Brent)) + constant.

Isthmus Americas: (0.4 x (West Texas Sour + Light Louisiana Sweet)) + (0.2 x Dated Brent) + constant.

Olmeca Americas: (0.33 x (West Texas Sour + Light Louisiana Sweet + Dated Brent)) + constant.

Maya Europe: (0.527 x dated Brent) + (0.467 x Number 6 fuel oil (3.5% sulfur)) - (0.25 x (Number 6 fuel oil (1% sulfur) - Number 6 fuel oil (3.5% sulfur))) + constant.

Isthmus Europe: (0.887 x dated Brent) + (0.113 x Number 6 fuel oil (3.5% sulfur)) - (0.16 x (Number 4 fuel oil (1% sulfur) - Number 6 fuel oil (3.5% sulfur))) + constant.

Maya Asia: ((Oman + Dubai)/2) + constant

Isthmus Asia: ((Oman + Dubai)/2) + constant.

-By Anthony Harrup, Dow Jones Newswires; (5255) 5080 3450; anthony.harrup@dowjones.com