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Middle East Crude-Benchmarks jump on strong Indian demand
SINGAPORE, Oct 30 (Reuters) - Middle East crude benchmark spot premiums of Oman, Dubai and Murban sharply rallied on Thursday, following active spot purchases by India.
Many Indian refiners paused new orders for Russian oil after the U.S. imposed sanctions last week on Moscow's top two producers, with some turning to the spot market for alternatives, industry sources said.
MRPL has bought 2 million barrels of Abu Dhabi Murban crude from Glencore via a tender to replace Russian supply in December, trade sources said.
The refiner is expected to tap spot markets every month and seek additional supplies from its term suppliers as it has shunned oil from Russia to avoid sanction risks, a company source said.
Indian Oil, the country's biggest refiner, has invited initial bids for 24 million barrels of oil from the Americas for the first quarter of 2026, according to a document reviewed by Reuters on Thursday.
The tender seeks cargoes of both low-sulphur and high-sulphur crude oil grades, according to the document.
Separately, IOC purchased 2 million barrels of West African crude from Exxon Mobil XOM.N via a tender on Wednesday, trade sources said.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose $1.76 to $2.43 a barrel.
Shenghong and ExxonMobil will each deliver a December-loading Upper Zakum crude cargo to Mercuria following the deals.
SELLER-BUYER |
PRICE ($/BBL) |
EXXONMOBIL-MERCURIA |
66.43 |
SHENGHONG-MERCURIA |
66.42 |
EXXONMOBIL-MERCURIA |
66.43 |
SHENGHONG-MERCURIA |
66.42 |
SHENGHONG-MERCURIA |
66.42 |
EXXONMOBIL-MERCURIA |
66.42 |
UNIPEC-MERCURIA |
66.42 |
EXXONMOBIL-MERCURIA |
66.42 |
EXXONMOBIL-MERCURIA |
66.42 |
EXXONMOBIL-MERCURIA |
66.42 |
PRICES ($/BBL)
CURRENT |
PREV SESSION |
|
GME OMAN |
66.62 |
65.05 |
GME OMAN DIFF TO DUBAI |
2.63 |
1.56 |
CASH DUBAI |
66.42 |
64.16 |
NEWS
Lukoil LKOH.MM said on Thursday it had accepted an offer from global commodity trader Gunvor to buy its foreign assets, which Russia's second-largest oil company is seeking to sell after Washington imposed sanctions on it last week.
TotalEnergies TTEF.PA reported a 2.4% drop in third-quarter earnings on Thursday, meeting expectations, as the French oil major raised upstream production and achieved improved crude refining margins to help offset lower oil prices.
U.S. oil stocks fell last week after crude imports dwindled to their lowest level since February 2021, the Energy Information Administration said on Wednesday.
Shell's SHEL.L adjusted earnings, its definition of net profit, reached $5.4 billion in the third quarter, it said on Thursday, compared with an average estimate of $5.09 billion in a poll of analysts provided by the company and with $6.03 billion a year earlier.
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 |
(Reporting by Siyi Liu in Singapore; Editing by Vijay Kishore)
((siyi.liu@thomsonreuters.com;))
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