Middle East Crude-Benchmarks steady as focus remains on Iran war; Saudi lowers June OSP
SINGAPORE, May 6 (Reuters) - 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 |
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