Middle East Crude-Dubai, Oman, Murban flip to discounts on Iran peace deal
Morgan Stanley MS | 0.00 |
SINGAPORE, June 16 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban extended declines on Tuesday, flipping into discounts for the first time in at least five months.
The sharp drops came with traders' fear of rising supplies once the Strait of Hormuz opens as a senior U.S. official said Trump and Vice President JD Vance and Iranian parliament Speaker Mohammad Bagher Qalibaf signed the memorandum of understanding.
An official signing ceremony for the agreement is due to be held on Friday in Geneva.
Oil prices slid to fresh three-month lows on Tuesday. O/R
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps fell $2.52 to minus 46 cents a barrel.
PRICES ($/BBL)
CURRENT |
PREV SESSION |
|
GME OMAN |
72.99 |
76.93 |
GME OMAN DIFF TO DUBAI |
-0.67 |
0.09 |
CASH DUBAI |
73.20 |
78.90 |
NEWS
The United States military has overseen scores of secretive ship-to-ship oil transfers to keep Gulf energy exports flowing, using aerial and water drones as well as helicopters in an operation to guide convoys to awaiting tankers.
China's crude oil throughput in May fell 9.1% from a year earlier to the lowest level in almost four years, official data showed on Tuesday, as the country's refineries cut runs on high crude costs and faced losses amid the U.S.-Israeli war on Iran.
Morgan Stanley has lowered its Brent crude oil price forecast for the fourth quarter of this year by $15 per barrel to $80, after the U.S. and Iran signed a preliminary agreement to end the war in the Gulf.
Shipowners will not resume transit through the Strait of Hormuz for weeks until they are confident that the U.S.-Iran peace deal is "material", the CEO of Japan's Mitsui O.S.K. Lines 9104.T told the Financial Times in an interview published 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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