Middle East Crude-Benchmarks dip; more refiners buy TMX oil
SINGAPORE, July 15 (Reuters) -Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban dipped on Monday, with trades for September-loading cargoes expected to pick up speed this week.
Qatar Energy on Monday will close three tenders to sell crude for September loading with bids valid until Wednesday, traders said.
The producer offered three al-Shaheen crude cargoes for loading on Sept. 1-2, 17-18 and 25-26 and one cargo each of Qatar Land and Marine crude.
ARBITRAGE
Asia's crude oil imports from Canada's newly expanded Trans Mountain pipeline will rise in September, as major refiners in Japan and South Korea and a refinery in Brunei have bought their first cargoes alongside China, multiple trade sources said.
Chevron will split a Cold Lake crude cargo between its South Korean joint venture refiner GS Caltex and Japan's top refiner ENEOS, traders said. ENEOS bought 250,000 barrels, while GS Caltex takes the remaining 300,000 barrels, they added.
South Korea's top refiner SK Energy bought a cargo from Unipec, while Hengyi Petrochemical also purchased a cargo from PetroChina for its Brunei refinery, traders said.
The cargoes, of 550,000 barrels each, to be delivered in September were sold at discounts of between $5 and $6 a barrel to ICE Brent, they added.
Meanwhile, Chinese private refiner Rongsheng Petrochemical 002493.SZ has also purchased another two Access Western Blend (AWB) cargoes from ConocoPhillips and Vitol after buying two cargoes via a tender, traders said.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps fell 4 cents to $1.80 a barrel.
ExxonMobil will deliver a September-loading Upper Zakum crude cargo to PetroChina in the first delivery this month.
SELLER-BUYER | PRICE $/BBL |
EXXONMOBIL-PETROCHINA | 84.68 |
EXXONMOBIL-MITSUI | 84.68 |
PHILLIPS 66-PETROCHINA | 84.68 |
EXXONMOBIL-SHELL | 84.65 |
RELIANCE-MITSUI | 84.68 |
EXXONMOBIL-PETROCHINA | 84.68 |
RELIANCE-SHELL | 84.65 |
EXXONMOBIL-MITSUI | 84.68 |
PTT-PETROCHINA | 84.68 |
EXXONMOBIL-MITSUI | 84.68 |
RELIANCE-PETROCHINA | 84.68 |
PTT-MITSUI | 84.68 |
EXXONMOBIL-PETROCHINA | 84.68 |
PTT-MITSUI | 84.68 |
EXXONMOBIL-PETROCHINA | 84.68 |
EXXONMOBIL-PETROCHINA | 84.68 |
EXXONMOBIL-MITSUI | 84.68 |
VITOL-PETROCHINA | 84.68 |
VITOL-PETROCHINA | 84.68 |
VITOL-MITSUI | 84.68 |
PHILLIPS 66-PETROCHINA | 84.68 |
VITOL-SHELL | 84.68 |
PTT-PETROCHINA | 84.68 |
EXXONMOBIL-SHELL | 84.68 |
VITOL-PETROCHINA | 84.68 |
EXXONMOBIL-MITSUI | 84.68 |
VITOL-PETROCHINA | 84.68 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
DME OMAN | 84.58 | 85.58 |
DME OMAN DIFF TO DUBAI | 1.70 | 1.78 |
CASH DUBAI | 84.68 | 85.64 |
NEWS
Official data showed on Monday China's refinery output fell 3.7% in June from a year earlier, down for a third month amid planned maintenance, while lower processing margins and lacklustre fuel demand pushed independent plants to cut output.
Russia has sent ultra-low sulphur diesel from its ports for storage in the regional hub of Singapore and West Africa, traders and shipping data show, as ample supply has slowed demand.
Nigerian state-owned oil firm NNPC shareholding in Dangote refinery has been whittled down to 7.2% from 20% after failing to pay the balance of funding owed, Aliko Dangote, the refinery's owner, told the BusinessDay newspaper.
Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC+ cuts keep a floor under prices, while sizeable spare capacity, demand uncertainty and sanctions policy prevent the market breaking higher.
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 Florence Tan; Editing by Shreya Biswas
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
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