Middle East Crude-Benchmarks extend rally on supply fears
SINGAPORE, July 22 (Reuters) - Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban rallied again on Wednesday to their highest in about seven weeks, driven by fears of further supply disruptions.
Three oil tankers loaded with Saudi crude for China and India made U-turns in the Red Sea on Tuesday, heading towards the Suez Canal rather than braving the Yemeni coast at the sea's mouth following a warning from Yemen's Iran-aligned Houthi militia.
The Iran-aligned Houthis opened a new front in the war by threatening to target vessels carrying Saudi oil in the Bab el-Mandeb strait and announcing a naval blockade of Saudi Arabia.
Some crude shipments via the Strait of Hormuz are also expected to be delayed, buyers said, as the U.S. military said late on Tuesday, early Wednesday in Iran, that it carried out an 11th consecutive night of attacks.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose $2.87 to $5.87 a barrel.
SELLER-BUYER |
PRICE ($/BBL) |
MERCURIA-TRAFIGURA |
90.00 |
MERCURIA-TRAFIGURA |
89.90 |
MERCURIA-MITSUI |
89.90 |
VITOL-MITSUI |
89.60 |
VITOL-TRAFIGURA |
89.60 |
MERCURIA-MITSUI |
89.60 |
MERCURIA-TRAFIGURA |
89.60 |
MERCURIA-MITSUI |
89.42 |
PETROCHINA-PHILLIPS 66 |
89.45 |
PRICES ($/BBL)
CURRENT |
PREV SESSION |
|
GME OMAN |
89.51 |
81.79 |
GME OMAN DIFF TO DUBAI |
5.96 |
2.29 |
CASH DUBAI |
89.42 |
82.50 |
NEWS
The escalating U.S.-Iran war threatens Asian oil refiners' plans to ramp up output in August, which could keep global fuel stocks tight and bolster prices for longer unless China fills the gap.
Asian refiners are seeking to ship crude oil from Saudi Arabia's Red Sea port through the Suez Canal and around Africa after Yemen's Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia.
Japan's crude oil import price reached a record high in yen terms in June, marking a third straight monthly record, Ministry of Finance data showed on Wednesday, as supply disruptions from the closure of the Strait of Hormuz drove energy prices higher.
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