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Middle East Crude-Benchmarks extend gains for second session

Friday, 14 January 2022 | 01:00

Middle East crude benchmarks Oman and Dubai extended gains for a second session on Thursday before trading of the March-loading cargoes kicks off this month.

Qatar has issued monthly crude and condensate tenders while PetroBrunei has offered its Kimanis crude cargo via a tender.

TotalEnergies may have sold an al-Shaheen crude cargo on a delivered basis to Indian refiner BPCL, traders said. The price was not immediately known.

Oil prices that rallied 50% in 2021 will power further ahead this year, some analysts predict, saying a lack of production capacity and limited investment in the sector could lift crude to $90 or even above $100 a barrel.

Shares of U.S. energy companies are soaring in the early days of 2022, driven by a shift to so-called value stocks and assets that stand to benefit from the steepest inflation in nearly four decades.

Indonesia allowed 37 vessels loaded with coal to depart on Thursday in the strongest sign yet that the world’s biggest thermal coal exporter is relaxing its ban on shipments.

Singapore residual fuel oil inventories rose 6% in the week to Jan. 12, climbing further away from multi-month lows at the end of 2021 despite a dip in weekly net import volumes, official data showed on Thursday.
Source: Reuters (Reporting by Florence Tan; Editing by Amy Caren Daniel)

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