Middle East Crude-Benchmarks post weekly gains on supply risk
SINGAPORE, July 10 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban differentials inked weekly gains as fresh attacks between U.S. and Iranian forces raised supply fears, although the markets remained in a contango structure, indicating spot prices were lower than futures.
Traders are closely monitoring traffic through the Strait of Hormuz. More liquefied natural gas tankers have resumed transiting in recent days, ship-tracking data showed, and 22 Japan-linked vessels have left the Gulf since Tuesday, Tokyo said, despite renewed fighting in the Middle East.
TENDER
UAE state oil giant ADNOC is offering spot crude in a tender, its sixth such issue since the start of June as the Gulf producer continues to raise exports, according to four sources including buyers, and a tender document reviewed by Reuters on Friday.
ADNOC offered Upper Zakum, Umm Lulu and Das crude to buyers for August-September loading, according to the document.
Similar to previous offers, buyers can buy on a free-on-board basis at UAE's Fujairah Storage, Zirku or Das Island.
They can also arrange ship-to-ship transfers at the Fujairah-Sohar range or in Malaysia.
The oil will be priced at a differential to ADNOC's official selling prices in the corresponding month, the document said.
Bid submission is due on July 14 and valid until July 16, one of the sources, a buyer who won the tender, added.
SINGAPORE CASH DEALS
Cash Dubai's discount to swaps rose 16 cents to $2.07 a barrel.
SELLER-BUYER |
PRICE ($/BBL) |
VITOL-MITSUI |
69.40 |
MERCURIA-MITSUI |
69.40 |
VITOL-MITSUI |
69.40 |
MERCURIA-TRAFIGURA |
69.40 |
MERCURIA-MITSUI |
69.40 |
SHENGHONG-PETROCHINA |
69.60 |
MERCURIA-MITSUI |
69.40 |
VITOL-MITSUI |
69.41 |
MERCURIA-TRAFIGURA |
69.50 |
PRICES ($/BBL)
CURRENT |
PREV SESSION |
|
GME OMAN |
69.29 |
70.23 |
GME OMAN DIFF TO DUBAI |
-2.28 |
-2.47 |
CASH DUBAI |
69.50 |
70.47 |
NEWS
Governments are set to buy millions of barrels of oil through 2028 to rebuild emergency reserves depleted by drawdowns to plug a gap in global supply caused by the U.S.-Israeli war on Iran, analysts and officials said.
Motorists in Indonesia are modifying their cars to run on subsidised biodiesel amid high global oil prices, as Jakarta raises the fuel's palm oil content in an effort to reduce the country's reliance on energy imports.
More liquefied natural gas tankers have resumed transiting the Strait of Hormuz in recent days, ship-tracking data showed, and 22 Japan-linked vessels have left the Gulf since Tuesday, Tokyo said, despite renewed fighting in the Middle East.
Gasoline and diesel markets are signalling a fuel supply crunch despite relatively subdued crude oil prices, suggesting the energy shock from the Iran war may be far from over.
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
