Middle East Crude-Dubai discount widens as supply pressure persists

- Middle East crude benchmark Dubai's discount widened on the first trading day of July, with the market remaining under pressure amid ample supply.

Producers in the Middle East have offered more crude to the market recently. The United Arab Emirates boosted crude oil and condensate exports to a record high in June, preliminary ship-tracking data showed, shortly after the Gulf producer left OPEC.

The market continued to watch U.S.-Iran talks for a final agreement to end the war.

Benchmark oil futures Brent and WTI fell more than 1% on Wednesday in volatile trade, while investors awaited U.S. inventory data. O/R

SINGAPORE CASH DEALS

Cash Dubai's differential to swaps fell $1.26 to a discount of $2.81 a barrel.


SELLER-BUYER

PRICE ($/BBL)

MERCURIA-TRAFIGURA*

66.80

MERCURIA-TRAFIGURA*

66.80

MERCURIA-TRAFIGURA*

66.80

VITOL*-TRAFIGURA

66.80

VITOL*-TRAFIGURA

66.60

VITOL*-TRAFIGURA

66.60


PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

67.07

65.20

GME OMAN DIFF TO DUBAI

-2.03

-4.64

CASH DUBAI

66.29

68.29


REFINERY

An explosion at the alkylation plant of Pemex's Antonio Dovali Jaime refinery in Salina Cruz, Oaxaca, left three workers injured, Mexican newspaper El Universal reported on Tuesday.

NEWS

The Caspian Pipeline Consortium plans to export about 1.6 million barrels per day of CPC Blend crude in July, down from around 1.7 million bpd planned for June, after drone damage to a Russian gas facility meant output had to be reduced, two trading sources said.

India has lowered windfall taxes on exports of diesel and aviation turbine fuel as global oil prices ease, while raising the duty on petrol exports, according to a government order.

No cargoes of North Sea Brent crude oil are scheduled to load in August as production steadily declines, traders told Reuters on Tuesday, marking a milestone for the global Dated Brent oil benchmark, which prices over 60% of the world's oil.

Nigeria's 650,000-barrel-per-day Dangote refinery has imported 2 million barrels of crude from ADNOC of the United Arab Emirates, traders told Reuters, marking its first such purchases of crude from the Middle Eastern producer.

Swiss-based commodities trading house Mercuria and Italian oil and gas major Eni have agreed to set up a joint venture, the companies said on Wednesday, reflecting a trend for trading partnerships to capitalise on volatile markets.



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