Middle East Crude-Benchmarks jump on strong Indian demand

- 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;))

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
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