Middle East Crude-Benchmark premiums ease as oil futures slip on Lebanon ceasefire

- Middle East crude benchmarks Oman, Dubai and Murban premiums eased on Thursday, after oil futures traded lower following a ceasefire deal between Israel and Lebanon.

The ceasefire boosted hopes for a broader agreement to end the Iran war that could lead to a reopening of the Strait of Hormuz.

Trade activity for Middle East crude remained thin.


TENDERS

India's Hindustan Petroleum Corp HPCL.NS has bought 2 million barrels of oil from Brazil and West Africa via a tender for its 180,000 barrel-per-day (bpd) refinery in the desert state of Rajasthan, trade sources said on Thursday.

State-run HPCL has bought Brazil's Buzios crude from state-run Petrobras at a premium of $1.5 per barrel to the dated Brent contract and Nigeria's Agbami crude from Shell for HPCL Rajasthan Refinery Ltd (HRRL), the sources said.

HPCL has a 74% stake in HRRL while the Rajasthan state government owns the rest.

HPCL issued a separate tender seeking sweet crude, which will close later this week for its own refineries, the sources said.

The company operates a 190,000-bpd refinery at Mumbai in western Maharashtra state and a 300,000-bpd refinery at Visakhapatnam in southern Andhra Pradesh.


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 34 cents to $6.71 a barrel.


SELLER-BUYER

PRICE ($/BBL)

PTT-TRAFIGURA

95.10



PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

94.89

96.93

GME OMAN DIFF TO DUBAI

6.50

6.78

CASH DUBAI

95.10

97.20


NEWS

Iranian oil prices slipped into discounts for the first time since April, while Russian crude premiums eased as traders cut prices to entice Chinese buyers amid sluggish demand, trade sources said.

Even if the U.S. and Iran agreed to halt the war and open the Strait of Hormuz, ships trapped in the Gulf will be unable to leave without safety assurances, the CEO of V.Group, a leading global ship manager, told Reuters.

Onshore fuel oil inventories in key Asia trading hub Singapore fell to more than a year's low this week as outflows firmed, data showed on Thursday.

South Korea's refiners boosted jet fuel exports in May back to pre-Iran war levels, helped by a recovery in crude imports and encouraged by robust refining margins, analysts and trade sources said.

Russian oil production has fallen since the start of the year, Deputy Prime Minister Alexander Novak said on Thursday, blaming the decline on unplanned maintenance at refineries.


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


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