Middle East crude benchmarks Oman, Dubai and Murban closed lower on Friday, the last trading day of the month.

A total of 24 cargoes were delivered this month, including 11 Oman, five Murban, four Upper Zakum, three al-Shaheen and one Dubai.
Unipec was the top seller while Mitsui and TotalEnergies were the top buyers.

SAUDI OSP PREVIEW

Top oil exporter Saudi Arabia may cut prices for crude grades it sells to Asia for a second month in August, tracking weakness in Middle East benchmark Dubai, trade sources said.

The official selling price (OSP) for flagship Arab Light crude sold to Asia in August may fall by 60 cents to 80 cents a barrel from July, possibly to the lowest since April, four sources at Asian refineries said in a Reuters survey.

The respondents expect slightly deeper price cuts for heavier grades – Arab Medium and Arab Heavy – than Arab Light on improving supply from Mexico and Canada.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 9 cents to 51 cents a barrel.

A total of 104 Dubai partials were traded on Friday. TotalEnergies received one Upper Zakum cargo from BP and one Murban cargo from Trafigura following the deals.

NEWS

Canada’s Trans Mountain oil pipeline will rely heavily on last-minute shippers to turn a profit, the corporation’s financial projections show, clouding Ottawa’s efforts to sell the pipeline now that its C$34.2 billion ($25.04 billion) expansion is finished after years of delays.

The U.S. Senate budget committee on Thursday launched a probe of domestic oil producers about any efforts to illegally coordinate oil prices with the Organization of the Petroleum Exporting Countries, in the latest effort by Democratic lawmakers to pressure energy companies.
Source: Reuters (Reporting by Florence Tan; Editing by Eileen Soreng)