Murban, a light sour Middle Eastern crude, slipped on Friday but logged a 23% weekly gain, supported by a nearly 11% weekly increase in naphtha refining margins and a prospect of gasoline demand revival in the region.
Spot premium of Murban was pegged at $3.69 a barrel over the Dubai quotes on Friday, lower from $5.79 in the previous session.
Kuwait is set to ramp up refined oil product exports from its new Al Zour refinery in the second half of 2023 to plug Russian shortfalls in Europe and meet growing demand in Asia and Africa, industry sources and analysts said.
For tenders, Taiwan’s CPC is seeking for sweet crude oil for May-delivery. The refinery last month bought 4 million barrels of WTI Midland crude at a premium of about $2 a barrel over the Dated Brent, on the cost-and-freight basis.
RUSSIA
Russian oil export revenues are set to rise in March as falling freight rates and strong demand pushes Russian oil prices towards a $60 per barrel Western price cap, based on traders’ and Reuters’ calculations, challenging the view that the mechanism was increasing pressure on Moscow.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 11 cents to $1.82 a barrel.
Vitol will deliver one April-loading Upper Zakum cargo to PetroChina following the trade. It will also deliver one April-loading Al-Shaheen cargo to Mercuria.
ASIAN REFINERIES
PetroChina’s Urumuqi refinery is set to shut down the entire plant for a scheduled maintenance in April, the company said in a statement. The refinery has annual crude oil processing capacity of 200,000 barrels per day.
NEWS
China’s top oil and gas major CNPC has completed a months-long reshuffle with the addition of six regional offices that report to Beijing headquarters to better coordinate and supervise its sprawling global portfolio, three company executives said.
U.S. crude oil inventories rose for the ninth week in a row, surging to their most since May 2021, as refiners ran less oil during a strong maintenance season, data from the U.S. Energy Information Administration showed on Thursday.
Ecuador’s energy ministry issued a decree on Thursday declaring force majeure for its oil industry, a day after a bridge collapse forced the closure of crude and gas pipelines.
Companies in Singapore will have to consider and manage any potential impact on their business activities, transactions, and customer relationships when dealing with Russian crude oil and refined products, a government official said on Friday.
Source: Reuters