Middle East Crude-Dubai benchmark eases; two Upper Zakum deliveries emerge

Reuters

Middle East Crude-Dubai benchmark eases; two Upper Zakum deliveries emerge

2024. Aug. 26., de. 10:53 GMT

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Middle East Crude-Dubai benchmark eases; two Upper Zakum deliveries emerge</title></head><body>

SINGAPORE, Aug 26 (Reuters) -Middle East crude benchmark Dubai retreated after hitting a month's high last week, while two more Upper Zakum cargo deliveries emerged on Monday.

However, IFAD Murban's premium to Dubai quotes continued to extend its climb, edging up to $1.65 a barrel on Monday.

Asian demand for light sour grades such as Murban has been firm in the month amid a wide Brent-Dubai spread, which makes Middle Eastern oil more economically attractive versus Brent-linked grades from other regions.

Based on crude oil brokers, Brent's premium to Dubai crude for October was pegged at about $2.35 a barrel on Monday, widening from the previous session.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 10 cents to $1.03 a barrel.

Gunvor will receive one October-loading Upper Zakum crude cargo from P66, while Vitol will receive one October-loading Upper Zakum crude cargo from Trafigura.

SELLER-BUYER	PRICE ($/BBL)
TRAFIGURA-VITOL	78.50
TRAFIGURA-GUNVOR	78.55
TRAFIGURA-GUNVOR	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
PHILLIPS 66-GUNVOR	78.54
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
EXXONMOBIL-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-BP	78.59
TRAFIGURA-VITOL	78.55
TRAFIGURA-VITOL	78.55
TRAFIGURA-MERCURIA	78.51
TRAFIGURA-BP	78.59
EXXONMOBIL-VITOL	78.55
TRAFIGURA-VITOL	78.56

PRICES ($/BBL)

	CURRENT	PREV SESSION
DME OMAN	78.70	76.62
DME OMAN DIFF TO DUBAI	1.18	1.06
CASH DUBAI	78.55	76.69

NEWS

The U.S. is buying nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale ever from the facility in 2022, the Energy Department said on Friday.

Sinopec posted a 2.6% rise in net profit for the first half of the year, it said on Sunday, as record oil and gas output compensated for falling domestic demand for refined fuel and petrochemicals.

Russia has increased fuel oil exports in August so far after completing maintenance at some oil refineries, the Kommersant daily reported on Monday citing information from data and analytics group Kpler.

Equinor plans to invest 60 billion crowns-70 billion crowns ($5.7 billion-$6.7 billion) per year offshore Norway towards 2035 as it expects continuing strong demand for oil, it said on Monday.

New Zealand said on Monday it would pass laws by the end of this year to reverse a ban on offshore oil and gas exploration, and take urgent steps to remove regulatory hurdles to import liquefied natural gas amid energy shortages.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent	BRENTSGMc1
Dubai	DUBSGSWMc2
DME Oman	OQc1
Brent/Dubai EFS	DUB-EFS-1M

PRODUCT CRACKS
Fuel oil crack	FO180SGCKMc1
Gasoil crack	GOSGCKMc1
Naphtha crack	NAF-SIN-CRK
Complex refining margins	REF/MARGIN1

Reporting by Jeslyn Lerh; Editing by Mrigank Dhaniwala

RECENT CRUDE OIL TRADES: Asia ACRU/T Europe CRU/T Americas CRU/TU CRUDE OIL MARKET NEWS Crude oil tenders in Asia CRU/TENDA Crude oil supply outages in Asia CRU/OUT-ASIA-O Refinery outages in Asia REF/OUT-ASIA-O Global arbitrage news and flows O/CRUDEARB W.African crude imports to Asia, monthly O/WAFRICA1 REFINERY MAINTENANCE DIARIES Asia REF/A Middle East REF/ME Europe REF/E NATIONAL CRUDE IMPORT DATA Japan METI/JP1 China O/CHINA1 India O/INDIA2 S.Korea O/KOREA1 Indonesia O/INDO1-CRU CRUDE OIL INVENTORY DATA Japan O/JAPAN1 US EIA/S Europe O/EUROIL1 CRUDE OIL PRODUCTION/OILFIELD NEWS OPEC output survey OPEC/O New Africa fields AFR/NEW New projects ENERGY/NEW New Americas fields AM/NEW CRUDE OIL MARKET REPORTS Middle East CRU/MAsia-Pacific CRU/AP West Africa CRU/WAF North Sea CRU/E Asia outlook ASIA/CRU Europe outlook EUR/CRU Global futures report O/R Technicals report O/I PRICES For all Official Selling Prices OSP/O For a POLL on oil prices O/POLL NYMEX and ICE oil futures OILOIL TOCOM crude oil futures 0#JCO: Dubai, Oman swaps and spread ASIA/SWAP/CRUDE Middle East physical crude diffs CRUDE/ASIA2 Australia physical crude, Tapis swaps CRUDE/ASIA1 Asia-Pacific physical crude CRUDE/ASIA3 All Asian crude oil differentials 0#C-DIF-A All Asian crude oil outright prices 0#C-A

</body></html>