Middle East Crude-Benchmarks jump to fresh highs on Iran war

- Middle East crude benchmarks rose further on Monday on widening U.S.-Iran conflict, after strong gains in the previous week, with Oman and Dubai jumping above $30 per barrel, the highest in Reuters data record since 2018.

Oil prices surged over $119 a barrel, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran. O/R


TENDERS

Saudi Aramco 2222.SE has offered more than 4 million barrels of Saudi crude in rare tenders as the U.S.-Iran conflict disrupts exports from the Middle East, several traders said.

In a tender that closed at 5 p.m. Beijing time (0900 GMT) on Monday, Aramco offered 2 million barrels of Arab Heavy crude loading at Egypt's Ain Sokhna port.

The loading date, subject to confirmation, is from March 10 to March 30, according to a tender document shared by the traders. The sale, on a free-on-board basis, is destined for Asia.

In a separate tender which closed on Sunday, Aramco offered 650,000 barrels of Arab Light crude on a cost-and-freight (CFR) basis, three traders said.

The delivery date for the cargo is to be decided, according to the tender document shared by traders. Arrival will be based on voyage time from Yanbu to the customer's discharge port.

The cargoes are to be priced at premiums to Saudi's March official selling prices.

Aramco sold 2 million barrels of Arab Extra Light crude to Japan's second-largest refiner Idemitsu Kosan 5019.T in a third tender, three traders said.

The cargo, sold on a CFR basis, was already on a vessel near Taiwan, two of them added.


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose $7.41 to $31.26 a barrel.

Vitol will deliver a May-loading Murban crude to TotalEnergies following the deals.

Trafigura and Vitol will each deliver a May-loading Oman crude cargo to TotalEnergies following the deals.

SELLER-BUYER

PRICE ($/BBL)

PHILLIPS 66-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

BP-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

VITOL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

VITOL-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

VITOL-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

BP-TOTAL

125.00

VITOL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

VITOL-TOTAL

125.00

SHENGHONG-TOTAL

125.00

VITOL-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

SHENGHONG-TOTAL

125.00

VITOL-TOTAL

125.00

SHELL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

VITOL-TOTAL

125.00

SHELL-TOTAL

125.00

GUNVOR-TOTAL

125.00

VITOL-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

SHELL-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

VITOL-TOTAL

125.00

GUNVOR-TOTAL

125.00

SHELL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

SHELL-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

VITOL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

VITOL-TOTAL

125.00

PHILLIPS 66-TOTAL

125.00

VITOL-TOTAL

125.00

VITOL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

VITOL-TOTAL

125.00

VITOL-TOTAL

125.00

VITOL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

VITOL-TOTAL

125.00

VITOL-TOTAL

125.00

GUNVOR-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

VITOL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

VITOL-TOTAL

125.00

GUNVOR-TOTAL

125.00

VITOL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00

VITOL-TOTAL

125.00

TRAFIGURA-TOTAL

125.00



PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

124.68

100.31

GME OMAN DIFF TO DUBAI

30.94

23.71

CASH DUBAI

125

100.45


NEWS

Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export via the Strait of Hormuz due to the Iran war, three industry sources said on Sunday.

China raised regulated ceiling prices for retail gasoline and diesel in the sharpest increase since March 2022 on Monday, following a surge in international oil prices.

Indian refiners slumped as Brent crude rose to a near four-year high, threatening their near-term earnings and raising the risk of further government intervention.

Trump administration officials on Sunday defended a decision to temporarily lift some sanctions on Russian oil and predicted that a sharp increase in gasoline prices resulting from the Iran war would last only weeks.


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