Middle East Crude - Dubai steady; Vitol receives another 2 cargoes
SINGAPORE, Aug 21 (Reuters) -Middle East crude benchmark Dubai held steady on Wednesday, underpinned by bids from Vitol and Gunvor which led to the delivery of another two cargoes.
Taiwanese refiner CPC bought 1 million barrels of Upper Zakum crude for October loading via a tender, traders said.
The two cargoes were sold by Vitol at 74 cents a barrel above Dubai quotes, they said.
ASIA-PACIFIC CRUDE
Spot premiums for Malaysian crude have dropped after Kimanis exports are set to rebound in October, traders said.
Petronas has sold an October-loading Labuan crude cargo to Glencore at a premium of $7.50-$8 a barrel to dated Brent, traders said, down from a premium of about $8.50 a barrel last month.
ARBITRAGE
Chinese refiner Rongsheng Petrochemical has bought two 550,000-barrel cargoes of Canadian Access Western Blend crude from TotalEnergies at $5-$6 a barrel below ICE Brent for November arrival, traders said.
The discounts were slightly narrower than last month.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps was unchanged at 79 cents a barrel.
Vitol will receive another two October-loading Upper Zakum crude cargoes from ExxonMobil and Reliance following the deals.
PRICES ($/BBL)
CURRENT | PREV SESSION | |
DME OMAN | 76.16 | 75.71 |
DME OMAN DIFF TO DUBAI | 0.80 | 0.82 |
CASH DUBAI | 76.15 | 75.68 |
NEWS
Saudi Arabia's crude oil exports fell to 6.047 million barrels per day (bpd) in June from 6.118 million bpd in May, data from the Joint Organizations Data Initiative showed on Tuesday.
Iraq will share profits with BP BP.L from developing its giant Kirkuk oil and gas fields, two officials said on Tuesday, as the country moves away from low-margin service contracts to speed up production growth and lure back Western majors.
Goldman Sachs on Tuesday said it expected Brent crude prices to fall to $68 per barrel by late 2025 if China oil demand remains flat through end of next year.
Norway's Vaar Energi VAR.OL has again postponed the startup of its North Sea Balder X oil and gas project, planning to begin output in the second quarter of 2025 rather than by the end of this year, the company said on Wednesday.
Australian oil and gas explorer Santos STO.AX posted a bigger-than-expected fall in first-half profit on Wednesday, dented by lower realised prices and higher production costs amid weak demand from top consumer China, sending its shares lower.
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 Varun H K
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