Middle East crude benchmarks Dubai, Oman and Murban edged higher on Friday, while delivery of another two August-loading Oman cargoes emerged. Meanwhile, Brent crude’s premium to Dubai slipped to just under $1 a barrel on Friday, its lowest level since January 2021, according to trade sources and Refinitiv data.
In spot trades, August-loading Oman traded on Thursday at premiums of 60-70 cents a barrel to Dubai quotes, weaker than the 80-90 cents premiums seen for rival grade Upper Zakum.
AL-SHAHEEN CRUDE
Qatar Energy has set the term price for cargoes of al-Shaheen crude oil loading in August at $1.08 a barrel above Dubai quotes, trade sources said on Friday.
The premium is slightly higher than July’s $1.03 a barrel. The term price was set after Qatar Energy sold three al-Shaheen crude cargoes for August loading via its monthly tender, likely to Totsa.
TAIWANESE TENDERS
Taiwan’s Formosa Petrochemical will close on Friday a tender seeking August-loading Oman crude.
Separately, Taiwan’s CPC on Friday issued its monthly tender seeking sweet crude for September arrival. The tender will close on June 20 and is valid until June 21.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 13 cents to 83 cents a barrel.
Two August-loading Oman crude cargoes were delivered, bringing the month’s total to 34. Glencore delivered one cargo to PetroChina. Unipec delivered one cargo to Totsa, raising the major’s tally for this month to 25.
NEWS
The Kremlin’s changes to the way it taxes oil sales were forced by Western sanctions on Russia over its war on Ukraine and will hit its oil production capacity over time, U.S. Deputy Treasury Secretary Wally Adeyemo said.
Top U.S. Gulf of Mexico oil producer Shell SHEL on Thursday said its Olympus production platform in the U.S. Gulf of Mexico is offline for planned maintenance. Prices for Mars crude oil has edged down in the last few days, but the grade is trading this week at a premium to U.S. crude oil futures at the Cushing, Oklahoma, hub.
Indian state retailers’ sales of gasoline fell in the first half of June from the same period last month as well as a year earlier, preliminary sales data showed on Friday, as a heat wave curtailed mobility.
Source: Reuters