Middle East Crude-Benchmarks post weekly gains on supply risk

- Middle East crude benchmarks Oman, Dubai and Murban differentials inked weekly gains as fresh attacks between U.S. and Iranian forces raised supply fears, although the markets remained in a contango structure, indicating spot prices were lower than futures.

Traders are closely monitoring traffic through the Strait of Hormuz. More liquefied natural gas tankers have resumed transiting in recent days, ship-tracking data showed, and 22 Japan-linked vessels have left the Gulf since Tuesday, Tokyo said, despite renewed fighting in the Middle East.


TENDER

UAE state oil giant ADNOC is offering spot crude in a tender, its sixth such issue since the start of June as the Gulf producer continues to raise exports, according to four sources including buyers, and a tender document reviewed by Reuters on Friday.

ADNOC offered Upper Zakum, Umm Lulu and Das crude to buyers for August-September loading, according to the document.

Similar to previous offers, buyers can buy on a free-on-board basis at UAE's Fujairah Storage, Zirku or Das Island.

They can also arrange ship-to-ship transfers at the Fujairah-Sohar range or in Malaysia.

The oil will be priced at a differential to ADNOC's official selling prices in the corresponding month, the document said.

Bid submission is due on July 14 and valid until July 16, one of the sources, a buyer who won the tender, added.


SINGAPORE CASH DEALS

Cash Dubai's discount to swaps rose 16 cents to $2.07 a barrel.

SELLER-BUYER

PRICE ($/BBL)

VITOL-MITSUI

69.40

MERCURIA-MITSUI

69.40

VITOL-MITSUI

69.40

MERCURIA-TRAFIGURA

69.40

MERCURIA-MITSUI

69.40

SHENGHONG-PETROCHINA

69.60

MERCURIA-MITSUI

69.40

VITOL-MITSUI

69.41

MERCURIA-TRAFIGURA

69.50



PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

69.29

70.23

GME OMAN DIFF TO DUBAI

-2.28

-2.47

CASH DUBAI

69.50

70.47


NEWS

Governments are set to buy millions of barrels of oil through 2028 to rebuild emergency reserves depleted by drawdowns to plug a gap in global supply caused by the U.S.-Israeli war on Iran, analysts and officials said.

Motorists in Indonesia are modifying their cars to run on subsidised biodiesel amid high global oil prices, as Jakarta raises the fuel's palm oil content in an effort to reduce the country's reliance on energy imports.

More liquefied natural gas tankers have resumed transiting the Strait of Hormuz in recent days, ship-tracking data showed, and 22 Japan-linked vessels have left the Gulf since Tuesday, Tokyo said, despite renewed fighting in the Middle East.

Gasoline and diesel markets are signalling a fuel supply crunch despite relatively subdued crude oil prices, suggesting the energy shock from the Iran war may be far from over.


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