Middle East crude benchmark spot premiums of Oman, Dubai and Murban moved lower for a second consecutive session on Wednesday to about one-week lows, as ample supply weighed.
Market has been under pressure under OPEC+ decision to boost output in May and June.
Oil prices fell on Wednesday as traders eyed a potential jump in U.S. crude inventories, awaiting official weekly data later in the day and OPEC’s monthly oil report.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 27 cents to $1.14 a barrel.
Gunvor will deliver a July-loading Murban crude cargo to Mitsui following the deals.
Vitol will deliver two July-loading Murban crude cargoes following the deals, one to Mitsui and one to Trafigura.
REFINERY
Nigeria’s Dangote oil refinery has cancelled June maintenance at its 204,000 barrels per day gasoline-making unit as it completed planned works during an unplanned shutdown from April 7 to May 11, according to industry monitor IIR.
NEWS
The U.S. Treasury Department on Tuesday imposed sanctions on more than 20 companies in a network that it said has long sent Iranian oil to China, days after negotiators from Iran and the United States concluded a fourth round of nuclear talks.
Goldman Sachs sees upside risk to its Brent and WTI oil price forecast in 2025 and 2026 from recent trade de-escalation, it said in a note on Tuesday.
Brazilian state-run oil company Petrobras PETR3 said on Tuesday it will revise its five-year strategic plan due to lower crude prices, sending investors a message of austerity during its first-quarter earnings conference call.
Source: Reuters