Middle East crude benchmarks Oman, Dubai and Murban dipped on Monday despite strong refining margins.

China’s crude oil imports from top exporter Saudi Arabia are expected to remain depressed through the third quarter, analysts said, after its customs office reported inbound shipments from the kingdom fell to their lowest in 13 months in July.

Meanwhile, Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from record highs on narrower discounts and rising domestic demand crimps Russian exports.

Cargoes of Russia’s light sweet ESPO crude for September arrival were all sold out, with almost all cargoes going to China and prices at a discount of about $1.80 to ICE Brent on a delivered basis, several trading sources said. October-arrival cargoes will start to trade this week.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps dipped 5 cents to $1.99 a barrel. ExxonMobil will deliver one October Upper Zakum cargo to Vitol following the trades.

NEWS

China’s fuel oil imports receded in July as refiners resumed use of diluted bitumen after customs authorities eased months-long inspections, which replaced some demand for fuel oil, data from the General Administration of Customs showed on Sunday.

A cargo of Iranian crude oil seized by the United States was unloading on Sunday after waiting two-and-a-half months off the coast of Texas, ship tracking data showed.

Canadian oil pipeline system operator Trans Mountain on Sunday said that the wildfires in British Columbia posed no risk to its pipeline operations or its expansion project.
Source: Reuters (Reporting by Muyu Xu, Editing by David Goodman)