Middle East crude benchmark Murban edged lower on Friday, following a decline in naphtha refining margins.

Spot premium of the light sour Murban dipped 2 cents to $2.75 a barrel over Dubai quotes.

Malaysia’s Petronas likely sold a March-loading Labuan cargo at a premium of $10 a barrel to Dated Brent, traders said, on par with the February-loading cargo prices.

Vietnam’s PV Oil may have sold a March-loading Chim Sao cargo at a premium of about $7 a barrel to Dated Brent. It previously sold a January-loading cargo at above $9 a barrel to Dated Brent.

Singapore markets will be closed on Monday and Tuesday due to the Lunar New Year holiday.

CHINA

Russia remained China’s second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.

China’s crude oil imports from Russia jumped 8% in 2022 from a year earlier to 86.25 million tonnes, equivalent to 1.72 million barrels per day (bpd), data from the General Administration of Customs showed.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps gained 7 cents to $1.15 a barrel.
Source: Reuters