XM does not provide services to residents of the United States of America.

Middle East Crude-Benchmarks firm further, east-west spread at five-month high



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Middle East Crude-Benchmarks firm further, east-west spread at five-month high</title></head><body>

SINGAPORE, July 12 (Reuters) -Middle East crude benchmarks Oman, Dubai and Murban closed the trading week firmer, with one China oil major being the biggest buyer for the week against a backdrop of mixed market expectations for September, though east-west spreads neared a five-month high.

Buying interest in the open window was firm from key major Petrochina mostly through the week, with some traders saying the price action could be related to the forward months' trading market structure, though further details could not be confirmed.

The exchange of futures for swaps closed Friday's trading session at $2.28 a barrel, reflecting the strength in the West, according to some traders.

Markets ended up in mixed expectations with respect to demand-supply fundamentals, though prices and cash premiums rebounded mostly in the latter half of the week with support from the West being a key driver.

Some traders remained cautious on Friday because of the weakness in the performance of downstream gasoline and diesel margins, though overall complex refining margins were little changed week on week.


KUWAIT OSP

Meanwhile, Kuwait has cut the official selling price (OSP) for Kuwait Export Crude (KEC) to Asia in August by 70 cents from the previous month to $1.25 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed on Friday.


CHINA DATA

China's crude oil imports in June dropped 11% from a high base a year earlier and first-half imports fell 2.3% in a rare year-to-date decline, data showed on Friday, as fuel demand disappoints and as independent refiners reduced production due to weak profit margins.



SINGAPORE CASH DEALS

Cash Dubai's premium to swaps climbed 4 cents to $1.84 a barrel, almost a two-week high.


SELLER-BUYER

PRICE $/BBL

EXXONMOBIL-GUNVOR

85.65

EXXONMOBIL-SHELL

85.64

PHILLIPS 66-PETROCHINA

85.64

EXXONMOBIL-GUNVOR

85.60

VITOL-PETROCHINA

85.65

VITOL-SHELL

85.64

EXXONMOBIL-PETROCHINA

85.65

HENGLI-PETROCHINA

85.65

VITOL-SHELL

85.64

EXXONMOBIL-PETROCHINA

85.64

EXXONMOBIL-PETROCHINA

85.65

VITOL-SHELL

85.64

EXXONMOBIL-GLENCORE

85.60

VITOL-PETROCHINA

85.64

EXXONMOBIL-MITSUI

85.60

RELIANCE-GUNVOR

85.60

BP-PETROCHINA

85.65

PHILLIPS 66-SHELL

85.64

HENGLI-PETROCHINA

85.65

EXXONMOBIL-PETROCHINA

85.65

EXXONMOBIL-PETROCHINA

85.64

RELIANCE-PETROCHINA

85.65

VITOL-PETROCHINA

85.64

EXXONMOBIL-GUNVOR

85.60

BP-PETROCHINA

85.65

HENGLI-PETROCHINA

85.65

EXXONMOBIL-PETROCHINA

85.64

EXXONMOBIL-PETROCHINA

85.65

VITOL-PETROCHINA

85.64

EXXONMOBIL-GUNVOR

85.60

RELIANCE-SHELL

85.65

BP-PETROCHINA

85.65

EXXONMOBIL-SHELL*

85.64



PRICES ($/BBL)


CURRENT

PREV SESSION

DME OMAN

85.58

84.53

DME OMAN DIFF TO DUBAI

1.78

1.72

CASH DUBAI

85.64

85.48



NEWS

- Japanese companies foreseeing a growing surplus in stocks of liquefied natural gas (LNG) as their demand for the fuel wanes in coming years, are scrambling to invest in regional markets to provide potential outlets to sell the gas.

- A Chevron-chartered oil tanker that was seized by Iran more than a year ago was heading for international waters on Thursday, LSEG ship tracking data showed.



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 Trixie Yap and 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
</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.