Middle East Crude-Benchmarks steady as focus remains on Iran war; Saudi lowers June OSP

- Premiums for Middle East crude benchmarks Oman, Dubai, and Murban were little changed on Wednesday in thin trade, as attention remained on the U.S.-Iran conflict.

Brent and WTI crude benchmarks slumped after a U.S. media outlet reported that the White House believed it was close to securing a one-page memorandum to end the war with Iran, after President Donald Trump paused a three-day-old naval mission to reopen the Strait of Hormuz.O/R

Saudi Arabia has set the official selling price for the June Arab Light crude oil to Asia at $15.50 a barrel above the Oman/Dubai average, down from the previous month, Saudi Aramco said in a statement on Tuesday.

The OSP premium for the previous month was $19.50 a barrel.

Separately, Saudi Aramco asked buyers to submit their nominations for June-loading crude by Wednesday, including planned lifting volumes from both the usual Ras Tanura export terminal inside the Strait of Hormuz and the Red Sea port of Yanbu, in case the Strait remains closed, two Saudi crude buyers said.


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 67 cents to $7.81 a barrel.

SELLER-BUYER

PRICE ($/BBL)

EXXONMOBIL-VITOL

103.69

PHILLIPS-VITOL

103.69



PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

103.25

106.16

GME OMAN DIFF TO DUBAI

7.37

6.70

CASH DUBAI

103.69

106.60


NEWS

Equinor EQNR.OL on Wednesday reported a bigger-than-expected rise in first-quarter profit, lifted by record output and as oil and gas prices soared in March due to the Iran war.

A proposed pipeline for carrying Canadian crude oil to the United States is close to securing the minimum commitments from oil companies that the project needs to go ahead, four sources familiar with the matter told Reuters.

Abu Dhabi's ADNOC expects to make a final investment decision this year on its unconventional gas project with TotalEnergies TTEF.PA, with approval for a separate unconventional oil project expected to follow soon, its upstream chief said.

U.S. crude oil and product stockpiles were expected to have fallen last week, an extended Reuters poll showed on Tuesday.


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