Middle East crude benchmark spot premiums of Oman, Dubai and Murban all rose on Thursday.

Oil prices wobbled on Thursday after the U.S. Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, which could hurt economic growth, reduce fuel demand and strengthen the dollar.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 3 cents to $0.97 a barrel.

Exxon, PetroChina and Equinor will all deliver a February-loading Upper Zakum crude cargo to Total following the deals.

Trafigura and Vito will both deliver a February-loading Oman crude cargo to Total following the deals.

REFINERY

Sinopec’s 600028.SS Zhenhai refinery has completed its expansion of oil refining capacity to 40 million metric tons, or about 800,000 barrels per day (bpd).

NEWS

China’s oil consumption is set to peak by 2027, state refining giant Sinopec said on Thursday, as diesel and gasoline demand weaken in the world’s biggest oil importer, a slowdown that has rattled global oil markets this year.

U.S. crude and distillate inventories fell in the week ending Dec. 13 as exports surged, while gasoline stockpiles rose, the Energy Information Administration (EIA) said on Wednesday.

Oil operators in North Dakota, the third-largest producing state in the U.S., are still bringing some facilities back online after wildfires swept through key oil-producing counties in October, the state’s Industrial Commission said on Wednesday.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Varun H K)