Middle East Crude-Benchmark premiums steady; Saudi cuts July OSPs
SINGAPORE, June 8 (Reuters) - 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 |
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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
