Middle East Crude-Benchmarks supported by supply tightness
SINGAPORE, May 12 (Reuters) - Middle East crude benchmark premiums of Dubai, Murban and Oman rose slightly on Tuesday, buoyed by persistent tension in the Middle East which kept supplies tight.
Trading activity remained light.
Oil prices rose 2% on Tuesday as hopes for a deal to end the U.S.-Israeli war on Iran faded, with stark differences between Tehran and Washington on a peace proposal bringing supply concerns again to the fore. O/R
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 21 cents to $7.85 a barrel.
SELLER-BUYER |
PRICE ($/BBL) |
BP-VITOL |
104.90 |
BP-TRAFIGURA |
104.70 |
PRICES ($/BBL)
CURRENT |
PREV SESSION |
|
GME OMAN |
104.74 |
101 |
GME OMAN DIFF TO DUBAI |
7.89 |
7.54 |
CASH DUBAI |
104.70 |
101.10 |
NEWS
The U.S. government on Monday announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman.
Some independent refiners in China's eastern province of Shandong are cutting fuel output on crumbling margins after the Iran war drove up crude costs as they battle weak domestic demand and excess products, trade and refining sources said.
India will at some stage need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices, oil minister Hardeep Singh Puri said at an industry event on Tuesday.
The Trump administration said on Monday it will loan energy companies 53.3 million barrels of crude from the U.S. Strategic Petroleum Reserve as part of a global agreement to calm oil markets that have spiked on the U.S.-Israeli war with Iran.
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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