U.S. crude oil and distillate stockpiles fell last week, while gasoline inventories rose, according to market sources citing American Petroleum Institute figures on Tuesday.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 1 cent to $1.59 a barrel.
REFINERY REF/OUT
– The Omsk oil refinery, Russia’s largest, completed maintenance of its crude distillation unit CDU-11 on Sept. 25 after it caught fire in the end of August, and the unit has resumed operations, industry sources told Reuters on Tuesday.
– Venezuela’s Cardon refinery has restarted its naphtha reformer, which is key for gasoline production, after remaining halted for almost three weeks, sources with knowledge of operations said on Tuesday.
Two of Cardon’s four crude distillation units were also in service on Tuesday, putting the refinery’s total crude processing at about 100,000 barrels per day (bpd) following planned maintenance in some units and a large blackout last month.
NEWS
– Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded.
– Trading firm Gunvor’s CEO is confident the conflict in the Middle East will not impact oil supply, he said on Tuesday, adding that current prices showed the market was more concerned about soft demand.
– Russia will increase oil exports via its western ports to 2.2 million barrels per day (bpd) in October, slightly up from September, as domestic refineries will increase runs only marginally despite coming out of the peak maintenance season, two trade sources said on Tuesday.
– United Arab Emirates Energy Minister Suhail al-Mazrouei said on Wednesday OPEC+ was doing a noble job of balancing the oil market even if does not produce the majority of oil in the world.
– An OPEC+ panel is unlikely this week to recommend any changes to its current deal to reduce production and to start unwinding some cuts from December, despite recent sharp declines in oil prices, five sources from the producer group told Reuters.
Source: Reuters (Reporting by Emily Chow; Editing by Shreya Biswas)