Middle East crude benchmarks Oman, Dubai and Murban moved upwards on Monday and posted gains on monthly basis as the market worried about supply from the regions during the 12-day Iran-Israel conflict that ended last week.
Spot trading remained light for this month as geopolitical uncertainty and a surge in prices drove market participants to the sidelines.
IOC bought one million barrels of Umm Lulu crude oil via a tender from Totsa, the trading arm of TotalEnergies, trade sources said on Monday.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 34 cents to $2.73 a barrel.
For June, Vitol sold one cargo, or 500,000 barrels. Total bought two cargoes, or one million barrels.
REFINERY
Israel’s Oil Refineries said on Sunday it had partly resumed activities at its Haifa facility, which was shut down following an Iranian missile strike two weeks ago.
NEWS
Polish refiner Orlen will not buy Russian oil for its Czech refinery after June 30, Chief Executive Ireneusz Fafara said on Monday.
Equinor has made an oil discovery on its Johan Castberg oilfield in the Arctic Barents Sea, the company and the Norwegian Offshore Directorate said on Monday.
State Oil Limited, parent company of the 113,000 barrel per day Lindsey oil refinery, has begun insolvency proceedings and been placed under administration by Britain’s High Court, Management consultancy Teneo said on Monday.
Japan engages in “unfair” automobile trade with the United States and should increase its imports of U.S. energy resources and other goods to help reduce the U.S. trade deficit, President Donald Trump said in an interview broadcast on Sunday.
Source: Reuters