Middle East crude benchmarks were mixed on Tuesday while two more cargo deliveries emerged for October, including a Dubai and an Upper Zakum cargo.
Spot premium for Dubai was little changed, inching a few cents higher from the previous session, despite more trades emerging day-on-day.
IFAD Murban’s premium to Dubai quotes jumped to $2.29 a barrel on Tuesday, hitting a four-month high, backed by supported demand for light sour grades this month.
Abu Dhabi National Oil Co’s forecast for its flagship Murban crude available for export in September 2024 is at 1.64 million barrels per day, its monthly report for August showed on Tuesday.
Brent’s premium to Dubai crude for October was pegged at about $2.97 a barrel, while November was at $2.49 a barrel – both widening from the previous session
Meanwhile, Oman’s spot premium dipped by 8 cents to $1.10 a barrel on Tuesday, while two trades emerged.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 4 cents to $1.07 a barrel.
Vitol will receive one October-loading Dubai cargo from PetroChina and one October-loading Upper Zakum cargo from Exxon.
NEWS
Goldman Sachs cut its average 2025 Brent forecast and range for prices by $5 per barrel saying unexpected increases in oil inventories and slow China demand is likely to weigh on the market.
Libya’s El Feel oilfield has halted output, engineers told Reuters on Tuesday, as closures spread amid a standoff over control of the central bank and the country’s oil revenue.
Mexican state oil firm Pemex’s newest refinery processed some 65,046 barrels per day of crude oil in July, its first month of operations after multiple delays, and just over 30,000 bpd of diesel and coke.
Kuwait’s largest petrochemicals producer, Equate Petrochemical Company, has selected banks for a planned sale of seven-year Islamic bonds, or sukuk, the IFR fixed-income news service reported on Tuesday.
Australia’s Woodside Energy reported on Tuesday a decline of 14% in half-year profit, hit by lower oil prices, but the result and its dividend beat market expectations, sending shares up 4%.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Krishna Chandra Eluri)