Middle East Crude-Benchmarks jump to fresh highs on Iran war
SINGAPORE, March 9 (Reuters) - 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 |
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