Middle East Crude-Dubai, Oman strengthen; Chinese refiners snap up Upper Zakum cargoes
SINGAPORE, Sept 18 (Reuters) -Spot premiums for Middle East crude benchmarks Oman and Dubai strengthened on Wednesday after Chinese refiners snapped up several Upper Zakum crude cargoes on top of robust demand from Mitsui.
Unipec has bought at least four November-loading Upper Zakum crude cargoes at a premium of just above $2 a barrel to Dubai quotes, traders said.
Sinochem also purchased two cargoes at similar price levels, they added.
Iraq's SOMO planned to sell up to 2 million barrels of its heavy sour Qaiyarah crude via the Platts Asia Market on Close assessment process on Thursday.
The state oil marketer had not managed to sell the prompt cargo for loading between Sept. 25 and Oct. 15 via a tender earlier, traders said.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose for a fourth session, up 10 cents to $2.26 a barrel.
Mitsui will receive another two November-loading cargoes - Upper Zakum from Reliance and al-Shaheen from ExxonMobil - following the trades.
SELLER-BUYER | PRICE ($/BBL) |
EXXONMOBIL-MITSUI | 73.45 |
RELIANCE-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
RELIANCE-VITOL | 73.35 |
EXXONMOBIL-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
EXXONMOBIL-NORTH | 73.40 |
EXXONMOBIL-MITSUI | 73.45 |
RELIANCE-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
TRAFIGURA-MITSUI | 73.65 |
EXXONMOBIL-NORTH | 73.44 |
RELIANCE-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
EXXONMOBIL-NORTH | 73.44 |
RELIANCE-VITOL | 73.35 |
RELIANCE-MITSUI | 73.45 |
EXXONMOBIL-MITSUI | 73.45 |
EXXONMOBIL-NORTH | 73.44 |
RELIANCE-MITSUI | 73.45 |
EXXONMOBIL-NORTH | 73.44 |
EXXONMOBIL-MITSUI | 73.45 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
GME OMAN | 73.46 | 73.28 |
GME OMAN DIFF TO DUBAI | 2.27 | 2.14 |
CASH DUBAI | 73.45 | 73.30 |
NEWS
Russian insurers are playing a growing role facilitating the country's oil shipments to India, its biggest buyer, data obtained from trade and shipping sources shows, helping to protect Moscow's export revenue despite western sanctions.
China's gasoline exports were down 44% in August from a year earlier while those of diesel fell 29.7%, customs data showed on Wednesday, due to lower refinery output and softening export margins.
The Biden administration will seek up to 6 million barrels of oil for the Strategic Petroleum Reserve, a source familiar with issue said on Tuesday, a purchase that if completed will match its largest yet in the replenishment of the stash after a historic sale in 2022.
India is prepared to keep buying oil from Russian companies that are allowed to make such sales, since prices are cheap, oil minister Hardeep Singh Puri said on Tuesday.
Japan's customs-cleared crude oil imports fell 15.2% in August from the same month a year earlier, the Ministry of Finance said on Wednesday.
Asia's ultra low-sulphur gasoil refining margins GO10SGCKMc1 collapsed to the lowest in nearly three years, pricing data from LSEG showed on Tuesday, as excess supply and persistently soft derivative markets depressed prices.
For crude prices, oil product cracks and refining margins, please click on the RICs below.
Brent | BRENTSGMc1 |
Dubai | DUBSGSWMc2 |
GME Oman | OQc1 |
Brent/Dubai EFS | DUB-EFS-1M |
PRODUCT CRACKS | |
Fuel oil crack | FO180SGCKMc1 |
Gasoil crack | GO10SGCKMc1 |
Naphtha crack | NAF-SIN-CRK |
Gasoline crack | GL92-SIN-CRK |
Complex refining margins | REF/MARGIN1 |
Reporting by Florence Tan; Editing by Sonia Cheema
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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