Middle East crude benchmarks Oman and Dubai edged lower for a second session on Thursday, while Murban continued to climb, underpinned by firm Asian demand for light grades on robust margins.
IRPC bought 2 Murban cargoes at close to $4 a barrel above Dubai quotes and one Das cargo at a premium close to $3 a barrel via its monthly tender for November loading, traders said.
In addition, PTT bought a cargo of November-loading Upper Zakum crude at $2.40-$2.50 a barrel above Dubai quotes while GS Caltex paid a premium of about $3 a barrel to Dubai quotes for a Das cargo, traders said.
Separately, Iran has set the official selling price (OSP) of its Iranian Light crude for Asian buyers at $3.50 a barrel above the Oman/Dubai average for October, the National Iranian Oil Company (NIOC) said on Thursday.
ASIA-PACIFIC CRUDE
Petronas sold a November-loading Labuan crude cargo to PTT at $13 a barrel above dated Brent, traders said. The premium rose about 50 cents a barrel from the previous month.
RUSSIAN CRUDE
Russian oil producers supplied their first cargoes of CPC Blend crude to the United Arab Emirates (UAE) in August and September, traders told Reuters, opening up a new export route as Moscow looks to find new customers and skirt Western sanctions.
In August and September, two Russian firms – oil major Lukoil and independent producer CenGeo – sold CPC Blend crude to the UAE.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 2 cents to $2.63 a barrel.
NEWS
Russia cut its seaborne diesel and gasoil exports by nearly 30% to about 1.7 million metric tons in the first 20 days of September from the same time in August, as local refineries went into seasonal maintenance and the domestic market faces a fuel shortage and rising prices, traders said and LSEG data showed.
Russia maintained its spot as China’s top crude oil supplier in August, Chinese government data showed on Wednesday, even as discounts on Russian crude continued to narrow and Moscow cut exports.
A C$16.5 billion ($12.27 billion) carbon capture and storage (CCS) project proposed by Canada’s major oil producers will only move forward if the federal government sets up a contract to lock in future carbon prices, the Pathways Alliance said on Wednesday.
Australia’s industrial arbitrator proposed steps to Chevron CVX.N and unions to resolve a long-running dispute over pay and conditions at two liquefied natural gas (LNG) projects, to end strikes that have roiled world gas markets.
Source: Reuters (Reporting by Jeslyn Lerh and Florence Tan; Editing by Krishna Chandra Eluri)