Middle East crude benchmarks Oman, Dubai and Murban drifted lower on Tuesday despite a flurry of purchases on the Platts window that led to the delivery of two cargoes.
Russia plans to keep February oil exports from its western sea ports little changed from January, but winter weather and refinery maintenance may lead to a revision of the schedule, two industry sources familiar with the plans told Reuters.
A possible decline in refinery runs in February and weather-related loading delays from January may lead to higher exports next month, one of the sources said.
India and China are the top buyers of Russian crude. A potential increase of Russian exports could weigh on prices and prompt refiners to take more cheaper Russian crude.
OSP
Dubai has set its official crude differential for April at parity to DME Oman futures 1OQc1, the Dubai Department of Petroleum Affairs said on Tuesday.
The differential will be applied to the average of daily settlements for the front month April Oman contract at the end of February to set Dubai’s official selling price (OSP) for April-loading crude.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps dipped 7 cents to $0.93 per barrel.
Trafigura will deliver one March-loading al-Shaheen crude to Vitol following the trades. ExxonMobil will deliver one March-loading Upper Zakum crude also to Vitol.
NEWS
Norway’s natural gas output rose in December to an all-time high, beating an official forecast, while crude oil production was also above expectations, data from the Norwegian Offshore Directorate (NOD) showed on Tuesday.
Saudi Arabia’s crude oil exports in November climbed to their highest level in five months and marked a third straight rise, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
UAE’s Abu Dhabi National Oil Company [RIC:RIC:ADNOC.UL] has sold more straight-run fuel oil (SRFO) from its Ruwais refinery complex this month via private sales, according to trade sources and ship-tracking data.
Source: Reuters (Reporting by Muyu Xu, Editing by Louise Heavens)