Middle East Crude-Benchmarks edge lower on supply pressure

- Middle East crude benchmarks Oman, Dubai and Murban discounts widened on Monday, as supply pressure continued to weigh on the market.

Gulf producers have ramped up supplies in recent weeks. Abu Dhabi National Oil Company (ADNOC) has sold about 16 million barrels of Emirati crude at wider discounts in a fifth spot tender issued since June, trade sources said, underscoring a surge in spot supply.

The latest sale brings ADNOC's spot crude sales through the tenders to more than 70 million barrels, according to Reuters calculations.

OPEC+ agreed on Sunday to a further increase in output targets from August, adding to global supply at a time when oil prices are falling due to the gradual reopening of the Strait of Hormuz to oil exports.

TENDER

Indian state refiners Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS together purchased about 7 million barrels of crude oil through tenders last week, trade sources said on Monday.

Prices for the deals were not immediately available.

IOC bought about 1 million barrels of Angola's Kissanje crude from Cathay Petroleum, the sources said. It also purchased 2 million barrels of Nigeria's Agbami and Usan crude from Trafigura, and a further 2 million barrels of Angola's Nemba and Dalia crude from Chevron.

The cargoes are scheduled for delivery between late August and early September.

Separately, HPCL bought 2 million barrels of Brazil's Tupi crude, the sources said. The cargoes are scheduled for delivery in August and September.


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 19 cents to $3.70 a barrel.

Vitol will deliver a September-loading Oman crude cargo to Trafigura following the deals.

SELLER-BUYER

PRICE ($/BBL)

VITOL-TRAFIGURA

64.10

VITOL-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

PHILLIPS-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

VITOL-TRAFIGURA

64.10

MERCURIA-TRAFIGURA

64.10

MERCURIA-MITSUI

64.10

VITOL-TRAFIGURA

64.10

MERCURIA-MITSUI

64.10


PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

63.84

63.72

GME OMAN DIFF TO DUBAI

-3.96

-3.59

CASH DUBAI

64.10

63.80


NEWS

Iran has begun talks with Japanese companies under a U.S. sanctions waiver allowing it to resume oil sales, though prospective buyers are seeking a longer waiver and reassurances about ship safety, three Iranian and Western sources said.

South Korean prosecutors said on Monday they have charged the country's four oil refiners and four employees at two of the refiners with colluding on fuel prices — anti-competitive actions that they said caused $17 billion in harm.

Japan's strategic crude oil stockpiles fell by the equivalent of four days of consumption in June, following drops of five days in May and 27 days in April, an official at the Economy, Trade and Industry (METI) said on Monday.

Brent crude for prompt delivery traded this week below contracts for delivery as far as six months into the future, the latest sign that increasing shipments through the Strait of Hormuz have caused a near-term glut.


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