REFILE-Middle East Crude-Dubai benchmark rebounds but remains at multi-year lows amid strong supply

Refiles to indicate Middle East Crude report in headline

- Middle East crude benchmark Dubai's discount narrowed slightly on the last day of trade for June, but remained at multi-year lows amid strong supply pressure.

The region's benchmarks, including Oman and Dubai, slipped into discounts this month after the U.S. and Iran struck an interim deal, allowing some of the stranded crude supply to exit the Gulf.

Also, the market was swarmed by offers of large volumes of prompt crude from producers such as the United Arab Emirates, Qatar, Kuwait and Iraq.

ADNOC issued its fifth tender this month, closing on Wednesday.

Meanwhile, Iraq's SOMO has offered wide discounts to its official selling prices to encourage term buyers to lift Basrah crude from its terminal inside the Middle East Gulf in July, according to trade sources and a document reviewed by Reuters.


SINGAPORE CASH DEALS

Cash Dubai's discount to swaps rose 5 cents to $1.55 a barrel.

SELLER-BUYER

PRICE ($/BBL)

SHELL-VITOL

68.29

RELIANCE-VITOL

68.29

SHELL-VITOL

68.29

SHELL-VITOL

68.29

RELIANCE-TRAFIGURA

68.29

SHELL-VITOL

68.29

SHELL-PETCO TRADING

68.29

SHELL-TRAFIGURA

68.29

SHELL-VITOL

68.29

SHELL-VITOL

68.29

SHELL-TRAFIGURA

68.29

RELIANCE-GUNVOR

68.20

SHELL-VITOL

68.29

SHELL-TRAFIGURA

68.29

SHELL-VITOL

68.29

SHELL-VITOL

68.29

SHELL-VITOL

68.29

SHELL-TRAFIGURA

68.29

RELIANCE-BP

68.29


PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

65.2

66.69

GME OMAN DIFF TO DUBAI

-4.64

-1.81

CASH DUBAI

68.29

66.90


NEWS

Oil prices slipped on Tuesday, and were set for their biggest quarterly loss since the COVID-19 pandemic in early 2020, with investors eyeing potential U.S.-Iran talks in Doha amid a strained interim ceasefire in the four-month-old war. O/R

Japanese oil refiner Idemitsu Kosan shut a 140,000 barrels-per-day crude distillation unit at its Hokkaido refinery in northern Japan on June 24 for scheduled maintenance, said a company spokesperson, who declined to say when the unit is expected to resume operations.

Oil and gas condensate production at Kazakhstan's Karachaganak field is proceeding at a reduced rate following last week's drone attack on the Orenburg gas processing plant in Russia, the head of state energy firm KazMunayGas said on Tuesday.

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to data from the Department of Energy.


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