Middle East crude benchmark Dubai rose for a sixth straight session on Friday, with its premium closing just above $4.50 a barrel on the last day of trade for the month.

IFAD Murban’s premium to Dubai also jumped to $4.60 a barrel, up 32 cents.

Brent’s premium to Dubai crude ended the month at $3.53 a barrel, gaining more than $2 from the start of the month, buoyed by Brent’s strength. The wide spread makes Atlantic Basin crude more expensive than supply from the Middle East, underpinning demand for the latter.

Cash Dubai’s average premium in September is 52 cents higher than the previous month, likely to prompt top exporter Saudi Arabia to raise official selling prices for November.
Spot trade was muted as markets in several North Asian countries including China were closed for holidays.

OSP

The OSP for Oman crude oil will rise by $6.20 to $92.77 a barrel in November, according to Reuters calculations based on data from the Dubai Mercantile Exchange (DME).

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 53 cents to $4.56 a barrel.

There were no cash deals on Friday.

NEWS

Russia may introduce quotas on overseas fuel exports if a complete export ban imposed last week does not succeed in bringing down persistently high gasoline and diesel prices, its Deputy Prime Minister Alexander Novak said.

The Biden administration’s five-year plan for offshore oil and gas leasing will not include any sales in 2024 and will feature just three in the final four years, the lowest number of auctions in the history of the program, according to three sources familiar with the matter.

Record volumes of refined products were shipped from Singapore to Mexico in the third quarter on lower U.S. exports to the Latin American country caused by peak summer demand and slow shipping through the Panama Canal, industry sources and analysts say.

Japanese trading house Mitsubishi is considering the conversion of the Namikata terminal near Hiroshima into a fuel ammonia import hub, a company executive told a business conference in Tokyo on Friday.
Source: Reuters (Reporting by Florence Tan and Jeslyn Lerh)