Middle East crude benchmark spot premiums for Oman turned negative on Thursday for the first time since December 2023, while premiums for Dubai also trended lower.
Oil prices drifted lower on Thursday after a surprise jump in U.S. gasoline inventories, with investors focusing on this weekend’s OPEC+ meeting to discuss oil output policy.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 29 cents to $0.68 a barrel.
ExxonMobil will deliver a January-loading Upper Zakum crude cargo to TotalEnergies following the deals.
NEWS
The OPEC+ oil alliance has postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two OPEC+ sources confirmed on Thursday.
U.S. gasoline inventories posted a surprise build last week ahead of the Thanksgiving holiday, while crude oil stockpiles fell more than expected as imports slumped, with supplies from Mexico at a record low, the Energy Information Administration (EIA) said on Wednesday.
The FBI has been investigating a longtime Exxon Mobil consultant over the contractor’s alleged role in a hack-and-leak operation that targeted hundreds of the oil company’s biggest critics, according to three people familiar with the matter.
Source: Reuters (Reporting by Siyi Liu in Singapore)