Middle East Crude-Benchmarks up for third session as Hormuz blockade keeps supply tight
SINGAPORE, May 13 (Reuters) - Middle East crude benchmark premiums of Oman, Dubai and Murban ticked up on Wednesday for a third session, though the rise was marginal, amid persistent supply tightness due to the U.S.-Iran conflict.
Investors are also closely following the high-stakes summit in Beijing between U.S. President Donald Trump and China's Xi Jinping.
TENDER
Thailand's PTT issued a tender seeking to buy one million barrels of sweet crude for arrival in June onwards, trade sources said on Wednesday. The tender will close on Thursday.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 43 cents to $8.28 a barrel.
SELLER-BUYER |
PRICE ($/BBL) |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
BP-VITOL |
104.90 |
PRICES ($/BBL)
CURRENT |
PREV SESSION |
|
GME OMAN |
104.64 |
104.74 |
GME OMAN DIFF TO DUBAI |
8.02 |
7.89 |
CASH DUBAI |
104.90 |
104.70 |
NEWS
Kuwait has lowered the official selling price for Kuwait Export Crude to Asia in June to $12.75 a barrel, above the average Oman/Dubai quote, from a $17 premium in May, a price document reviewed by Reuters showed on Wednesday.
Russia's crude oil production declined by 460,000 barrels per day in April from the same month a year ago to around 8.8 million bpd, the International Energy Agency said on Wednesday, as Ukraine ramped up drone attacks on energy targets.
Japanese refineries increased their oil processing to over 70% of their capacity for the first time since March, Petroleum Association of Japan data showed on Wednesday, as they consumed crude released from stockpiles and alternative supplies.
A Chinese supertanker carrying two million barrels of Iraqi crude was attempting to sail through the Strait of Hormuz on Wednesday, according to LSEG and Kpler ship-tracking data.
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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