SINGAPORE, Jan 2 (Reuters) - Middle East benchmark spot premium of Dubai slipped into a discount against swaps on Friday for the first time since December 2023 due to excess supply and low demand on the first day of trade for 2026.

The Dubai cash price was about $60.30 a barrel, or a discount of 13 cents to Dubai swaps, with just two March-loading partials during the S&P Markets on Close price assessment process, according to trade sources and Reuters calculations.

The prompt January-February Dubai crude price spread flipped into contango of about 17-20 cents per barrel on Friday, sources said.

Prompt prices are lower than those in future months in a contango market, indicating ample supply.

Traders attributed the price weakness to unsold cargoes loading in February and a lack of interest in taking on bullish positions this month.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 75 cents to 13 cents a barrel.

PRICES ($/BBL)

NEWS

Russia has asked the U.S. to stop its pursuit of an oil tanker that was heading to Venezuela and is now fleeing the U.S. Coast Guard in the Atlantic Ocean, the New York Times reported on Thursday citing two people with knowledge of the matter.

Onshore fuel oil stockpiles in Singapore climbed above 26 million barrels during the final week of 2025, well above average for the year, data showed on Friday.

The Ilskiy oil refinery in Russia's southern Krasnodar region was hit by debris from a Ukrainian drone, causing a fire which had been put out overnight, local authorities said on Thursday.

U.S. crude stocks fell while gasoline and distillate inventories rose last week on robust refining activity, the Energy Information Administration said on Wednesday.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting by Siyi Liu in Singapore; Editing by Krishna Chandra Eluri)

((siyi.liu@thomsonreuters.com;))

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