Middle East crude benchmarks Oman, Dubai and Murban climbed on Thursday and posted a weekly gain, supported by improving demand amid lower oil prices and supply fears.
President Donald Trump’s administration issued new sanctions targeting Iran’s oil exports on Wednesday, including against a China-based “teapot” oil refinery, ramping up pressure on Tehran amid talks on the country’s escalating nuclear programme.
Thursday is the last settlement day of the week ahead of the Good Friday.
QatarEnergy has increased the term price for al-Shaheen crude oil loading in June, setting it at a premium of $1.76 per barrel above Dubai quotes, trade sources said on Wednesday.
The term price marked a first-time increase in three months and a rise from the premium of $1.29 per barrel set for May-loading cargoes.
The producer sold two cargoes to Vitol at a premium of $1.68 to $1.75 a barrel above Dubai quotes, one cargo to ExxonMobil XOM at a premium of $1.71 a barrel and one to Trafigura at around $1.70 a barrel, they said.
The cargoes are to load on June 1-2, 14-15, 26-27 and 27-28.
Separately, QatarEnergy also sold a Qatar Land crude cargo to Shell and a Qatar Marine cargo to Unipec, the sources said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 8 cents to $1.98 a barrel.
PetroChina will deliver two June-loading Murban crude cargoes to Vitol following the deals.
NEWS
BP’s BP. board is up for re-election at its annual general meeting on Thursday as the group faces activist shareholder Elliott Management and climate-focused investors who have called for a vote against Chairman Helge Lund.
India plans to end taxes on U.S. ethane and liquefied petroleum gas (LPG) imports under broader negotiations with Washington as it looks to reduce its trade surplus and ease its tariff burden, three sources familiar with the matter said.
Australian oil and gas producer Santos STO said on Thursday it could potentially bring forward the startup for its Pikka phase 1 in Alaska, while posting a 7% fall in first-quarter sales revenue due to lower crude sales volumes and realised prices for its LNG products.
The U.S. government’s energy statistics arm is set to lose over 100 employees after the Trump administration’s latest round of resignation offers, putting at risk some of the most closely watched energy reports globally, three sources told Reuters.
Source: Reuters