Middle East Crude-Benchmarks ease while market eyes tanker exits
SINGAPORE, May 25 (Reuters) - Middle East crude benchmarks trekked lower on Monday, while the market eyed the possibility of more tanker exits from the Strait of Hormuz and the progress of peace talks.
Dubai, Oman and Murban premiums dropped, even as trading activity largely remained thin.
A supertanker with Iraqi crude for China left the Gulf on Saturday after being stranded for nearly three months, shipping data showed.
Meanwhile, key oil futures contracts fell more than 4% on Monday, as optimism grew that the United States and Iran were moving closer to a peace deal, though uncertainty remained.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps dipped 58 cents to $9.27 a barrel on Monday.
PRICES ($/BBL)
|
CURRENT |
PREV SESSION |
GME OMAN |
95.56 |
103.60 |
GME OMAN DIFF TO DUBAI |
6.74 |
9.45 |
CASH DUBAI |
98.09 |
104.00 |
NEWS
Two liquefied natural gas tankers are exiting the Strait of Hormuz on Monday, heading to Pakistan and China, while a supertanker with Iraqi crude for China left the Gulf on Saturday after being stranded for nearly three months, shipping data showed.
Falling debris from drones triggered a fire at an oil terminal in Russia's Black Sea port of Novorossiysk, and two people were injured, officials said early on Saturday.
Indian refiners turned to imports from Latin America and Africa after supplies from the Middle East were disrupted as the Israeli-U.S. war on Iran restricted shipping in the Strait of Hormuz, data provided by trade sources show.
Vietnam's state energy firm Petrovietnam has invited investors to participate in an open tender for an offshore oil and gas block in the South China Sea, it said on Monday.
Malaysia has secured enough energy supplies to last until the end of July amid disruptions arising from the war in Iran, the economy minister said on Monday, citing data from state energy firm Petronas.
For crude prices, oil product cracks and refining margins, please click on the RICs below.
Brent |
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Dubai |
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GME Oman |
OQc1 |
Brent/Dubai EFS |
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PRODUCT CRACKS |
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Fuel oil crack |
FO180SGCKMc1 |
Gasoil crack |
GO10SGCKMc1 |
Naphtha crack |
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Gasoline crack |
GL92-SIN-CRK |
Complex refining margins |
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