Middle East Crude-Murban, Dubai differentials fall on rising supply outlook

- Middle East crude benchmark Murban differentials fell on Thursday to discount, while the Dubai premium slightly eased on rising supply outlook.

Oil prices fell 2% on Thursday to their lowest since the first trading day of the Iran war, as a U.S.-Iran interim deal to end the war, reopen the Strait of Hormuz and ease sanctions on Tehran boosted the global supply outlook.

The 14-point memorandum of understanding begins a 60-day negotiation period during which Iran will allow toll-free passage through the Strait of Hormuz, a key oil and gas shipping lane. The deal calls for traffic through the strait to be restored to its full capacity within 30 days.

Middle Eastern crude oil markets could come under further pressure if the Strait of Hormuz reopens on Friday, releasing millions of barrels of oil stranded in the Middle East Gulf into global markets, industry executives said.


TENDER

Taiwan's CPC has bought four million barrels of sweet crude from the United States for September arrival via a tender, trade sources said.

Sri Lanka's Ceypetco Refinery is also seeking for Murban crude via tender.


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 3 cents to 34 cents a barrel.


PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

73.52

73.20

GME OMAN DIFF TO DUBAI

0.19

0.54

CASH DUBAI

73

73.70


NEWS

PetroChina 601857.SS and Indian Oil Corp IOC.NS failed to secure very large crude carriers to lift Iraqi Basrah crude in late June, company and shipping sources said on Thursday, while another Chinese major Sinochem is on the hunt for a tanker.

Saudi Arabian oil giant Aramco 2222.SE is considering expanding its storage capacity around the world after energy supplies through the Strait of Hormuz were disrupted by the Iran war, Aramco Chairman Yasir Al-Rumayyan said on Thursday.

International Energy Agency head Fatih Birol on Thursday welcomed the interim agreement to end the Iran war and called for the Strait of Hormuz to be reopened without conditions.

Scores of Ukrainian drones bore down on Moscow on Thursday, hitting the Russian capital's oil refinery for the second time this week in what Kyiv cast as a demonstration of its growing capabilities that should force Russia to accept a peace deal.


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