Middle East Crude-Benchmarks post weekly gains on Middle East escalation
SINGAPORE, July 17 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban posted weekly gains this week, buoyed by supply concerns as the U.S.-Iran conflict escalated.
On Friday, Dubai and Oman differentials increased, while Murban premium little moved.
Iran said it launched fresh strikes on U.S. facilities in the Middle East on Friday, including the first direct attack in Syria, after a sixth straight night of U.S. strikes on Iranian military facilities.
Iran has asked Yemen’s Houthi movement to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat to global energy supplies.
Crude prices also found some support from strong refining margins, traders said.
SINGAPORE CASH DEALS
Cash Dubai's discount to swaps narrowed 21 cents to minus 18 cents a barrel.
SELLER-BUYER |
PRICE ($/BBL) |
MERCURIA-BP |
76.80 |
MERCURIA-BP |
76.80 |
VITOL-MITSUI |
76.90 |
VITOL-MITSUI |
76.90 |
PRICES ($/BBL)
CURRENT |
PREV SESSION |
|
GME OMAN |
77.09 |
76.36 |
GME OMAN DIFF TO DUBAI |
0.01 |
-0.63 |
CASH DUBAI |
76.90 |
76.60 |
NEWS
Just three commodity vessels crossed the Strait of Hormuz on Thursday, the fewest daily transits since May, shipping data showed, with most ships halting or making U-turns after recent Iranian attacks on vessels and the resumption of a U.S. blockade on Iran-related shipping.
China will raise domestic retail prices of petrol and diesel from Saturday, the state planner said on Friday, as the escalation of the U.S.-Iran conflict lifted global oil prices.
JERA, Japan's biggest power generator, has begun a feasibility study for a U.S. listing as it explores means of expanding overseas and broadening funding options, said three people familiar with the matter.
If the U.S. and Iran do not increase oil flowing through the Strait of Hormuz soon, the world should worry about energy security, International Energy Agency Executive Director Fatih Birol said on Thursday.
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 |
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