Middle East crude benchmarks Oman, Murban and Dubai continued to rise on Wednesday amid bullish sentiment supported by good demand from Asian countries.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 15 cents to $3.05 a barrel, a fifth consecutive increase.
NEWS
Premiums for ESPO Blend crude oil loading from Russia’s Kozmino port late in July and early in August for delivery into China have held steady with those for shipment earlier this month, four traders said on Tuesday.
They said the premium to ICE Brent was more than $2 per barrel as Chinese buying interest was strong, helped by healthy refining margins, even as competition from Iranian supply has increased.
The Iranian military loaded naval mines onto vessels in the Persian Gulf last month, a move that intensified concerns in Washington that Tehran was gearing up to blockade the Strait of Hormuz following Israel’s strikes on sites across Iran, according to two U.S. officials.
Oil output in Kazakhstan, one of the world’s 10 biggest producing countries, returned to growth last month and matched an all-time high, as the Chevron-led CVX Tengiz field ramped up, a source familiar with the data told Reuters on Tuesday.
At least four people died when a vessel capsized while being towed in the Gulf of Suez, one of Egypt’s prominent Red Sea oil production sites, the vessel operator’s Saudi Arabian owner, ADES Holding Company, said on Wednesday.
Argentina’s Pampa Energia has applied to build an oil and gas treatment plant at the Vaca Muerta shale formation, the company said on Tuesday, in a project worth $426 million.
Source: Reuters