Middle East Crude-Dubai rebounds amid volatile swing in EFS spread
SINGAPORE, Aug 28 (Reuters) -Dubai's spot premium to swaps rebounded back to more than a month's high on Wednesday, led by a sharp contraction in the Brent/Dubai Exchange of Futures for swaps spread.
Brent futures fell more than 1% on Wednesday in Asia trading hours as concerns emerged over Chinese demand and elevated risks of a broader slowdown.
The market also eyed potential supply losses from the Middle East and Libya, after several oilfields across Libya halted output as a dispute continues between rival government factions over control of the central bank and oil revenue.
Meanwhile, Oman's spot premium extended declines by 10 cents to $1 a barrel on Wednesday, amid a backdrop of suppresed Chinese demand.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps climbed to $1.57 a barrel.
Trafigura will deliver one October-loading Upper Zakum cargo to Gunvor, and another Upper Zakum cargo to Vitol.
SELLER-BUYER | PRICE ($/BBL) |
TRAFIGURA-VITOL* | 77.60 |
TRAFIGURA-GUNVOR* | 77.60 |
TRAFIGURA-GUNVOR* | 77.60 |
TRAFIGURA-VITOL* | 77.60 |
TRAFIGURA*-GUNVOR | 77.65 |
TRAFIGURA-GUNVOR* | 77.65 |
TRAFIGURA*-GUNVOR | 77.65 |
TRAFIGURA-VITOL* | 77.65 |
TRAFIGURA-GUNVOR* | 77.65 |
TRAFIGURA-VITOL* | 77.65 |
TRAFIGURA-GUNVOR* | 77.65 |
TRAFIGURA-VITOL* | 77.65 |
TRAFIGURA-GUNVOR* | 77.65 |
TRAFIGURA-VITOL* | 77.65 |
TRAFIGURA-GUNVOR* | 77.65 |
TRAFIGURA-VITOL* | 77.70 |
TRAFIGURA-VITOL* | 77.70 |
TRAFIGURA-VITOL* | 77.70 |
TRAFIGURA-GUNVOR* | 77.70 |
TRAFIGURA-VITOL* | 77.70 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
DME OMAN | 77.13 | 79.22 |
DME OMAN DIFF TO DUBAI | 1.00 | 1.10 |
CASH DUBAI | 77.70 | 79.19 |
NEWS
Libya's oilfield closures spread on Wednesday as the Sarir field almost completely halted output, two field engineers told Reuters, amid a political dispute over control of the central bank and oil revenue.
Chinese offshore oil and gas major CNOC posted record first-half profit on Thursday, boosted by output growth and higher oil prices.
Prices for September Urals crude oil firmed to $67-$68 per barrel on a free-on-board basis in Russian Baltic and Black Sea ports, $7-8 per barrel above the $60-per-barrel western price cap, Reuters calculations based on traders' data showed.
Egypt announced a new oil discovery in its Western Desert, the petroleum ministry said in a statement.
U.S. imports of used cooking oil from China are set to hit a record in the months ahead, even as regulatory uncertainty casts doubts over longer-term prospects of a trade that boomed last year, according to market participants.
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 Krishna Chandra Eluri
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