Middle East Crude-Oman, Murban discounts narrow on renewed supply fear
SINGAPORE, July 8 (Reuters) - Middle East crude benchmarks Oman and Murban discounts narrowed on Wednesday, with oil futures prices jumping on renewed fears of disruptions to Middle East oil supplies.
Oil prices jumped more than 6% on Wednesday, hitting a two-week high after U.S. President Donald Trump said the memorandum of understanding to end the conflict with Iran was "over". O/R
Spot Dubai discount, however, slipped on Wednesday. Asian buyers are cautiously assessing the situation and may limit their purchase with oil prices, traders said.
Spot buying has been quiet this week after a wave of purchases last week.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps fell 89 cents to minus $3.57 a barrel.
SELLER-BUYER |
PRICE ($/BBL) |
VITOL-MITSUI |
70.00 |
MERCURIA-MITSUI |
70.00 |
MERCURIA-MITSUI |
70.10 |
MERCURIA-TRAFIGURA |
70.20 |
PRICES ($/BBL)
CURRENT |
PREV SESSION |
|
GME OMAN |
71.36 |
66.35 |
GME OMAN DIFF TO DUBAI |
-2.41 |
-2.83 |
CASH DUBAI |
70.20 |
66.50 |
NEWS
At least four oil and gas tankers have turned back from attempting to transit the Strait of Hormuz, ship-tracking data showed, as renewed attacks on vessels in the critical waterway heightened safety and security concerns.
China has lifted refined fuel export restrictions for the rest of July and allowed a private refiner to resume shipments after a four-month halt, trade sources said on Wednesday, as the world’s biggest refiner returns towards normal after disruptions from the Iran war.
Geneva-headquartered trader Vitol is making early preparations to open an office in Venezuela, three sources with knowledge of the matter said, as global trading houses expand their role in the OPEC country's oil exports under a pact agreed between Caracas and Washington earlier this year.
The United States on Tuesday re-imposed sanctions on Iranian oil, as a U.S. official warned that Iran's attacks on vessels in the Strait of Hormuz were "wholly unacceptable" and would be met with consequences.
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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