Middle East Crude-Benchmark premiums steady; Saudi cuts July OSPs

- Middle East crude benchmarks Oman, Dubai and Murban spot premiums little moved on Monday amid supply uncertainty stemming from Middle East tensions.

Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier. O/R

Traders are waiting to see the demand reaction after an expected price cut by Saudi Arabia.

Saudi Arabia has cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, as expected, as spot premiums eased on slow demand despite supply disruptions tied to the U.S.-Israeli war with Iran.

The July OSP for flagship Arab Light crude has been set at a premium of $9.50 a barrel above the average Dubai and Oman quotes, a pricing document by Saudi Aramco showed on Monday, $6 a barrel lower than the OSP for June.

July OSPs for other Saudi grades to Asia also fell by $6 per barrel from the previous month.


TENDER

Abu Dhabi National Oil Company has issued a second tender in a week to sell crude oil from the United Arab Emirates, trade sources said on Monday.

The company is offering cargoes of Upper Zakum, Umm Lulu and Das crude for June to August loading. Buyers can bid up to 2 million barrels of oil.

The three crude grades are produced from fields within the Gulf and are exported through the Strait of Hormuz.

ADNOC offered the cargoes on a free-on-board basis from Fujairah storage, Zirku or Das Island, as well as via ship-to-ship transfer in the Fujairah to Sohar range and Malaysia, the sources said.

The tender will close on June 11, one of the people said.


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 71 cents to $6.43 a barrel.

SELLER-BUYER

PRICE ($/BBL)

PTT-TRAFIGURA

93.60

SHELL-VITOL

93.60

SHELL-VITOL

93.60

SHELL-GLENCORE

93.60


PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

93.38

90.89

GME OMAN DIFF TO DUBAI

6.21

6.13

CASH DUBAI

93.60

91.90


NEWS

Chinese refiners have delayed two projects slated to come online this year following disruptions to Middle Eastern oil supplies from the Strait of Hormuz due to the Iran war, people familiar with the matter said.

Indonesia's Trade Ministry published technical regulations on Monday to bring coal, palm oil, and ferroalloy exports under the control of a central government-owned firm.

OPEC+ agreed on Sunday a fourth increase in its oil output targets in as many months, even though the U.S. war with Iran is still preventing several of the group's members from pumping more.

Global oil inventories are running dangerously low as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive, and industry executives and analysts warn there could be another oil price shock in the coming weeks, severe enough to upset broader financial markets.

The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee, Iran's ambassador to Moscow was quoted as saying on Monday.


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