Middle East crude benchmarks edged higher, with Dubai up for a fifth trading session, while the June term price for al-Shaheen crude oil rose to its highest premium in a year.
Dubai premium clung to its highest in more than two months. Oman surged to a four-month high, while Murban held at over a three-month high.
QatarEnergy raised the June term price for al-Shaheen crude oil to its highest premium in a year, traders said. The premium rose to $2.48 a barrel above Dubai quotes, with all five cargoes sold to TotalEnergies.
Meanwhile, an overnight surge in Brent crude and a strong market structure have driven Brent’s premium to Dubai to its highest since September 2023, brokers said.
Brent’s Exchange Futures for Swaps (EFS) to Dubai for August (DUBSGEFSMc1) closed at a premium of $3.25 a barrel on Wednesday, based on LSEG data.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps gained 29 cents at $2.69 a barrel.
Unipec will deliver a cargo of August Upper Zakum crude to PetroChina, while Reliance will deliver a cargo of August Dubai crude to TotalEnergies.
NEWS
Black Sea CPC Blend crude oil exports have been set at around 1.65 million barrels per day in July, almost unchanged from the June plan, two trading sources with knowledge of the month’s loading programme told Reuters.
China’s exports of refined products, which include diesel, gasoline, aviation fuel and marine fuel, dropped 17.7% year-on-year to 4.41 million tons in May.
The UAE’s energy ministry said a collision between two oil tankers near the Strait of Hormuz was likely caused by a navigational misjudgement by one of the vessels.
Oil exports via the Baku-Tbilisi-Ceyhan pipeline, which runs from Azerbaijan through Georgia to Turkey, declined 3.4% year-on-year in the January-to-May period at 11.6 million metric tons, Azerbaijan’s state statistics committee said.
The Mexican association that groups major global oil services companies warned that it is going through an “unprecedented crisis” due to the lack of payments from the state-owned oil company Pemex, the world’s most indebted energy company.
Source: Reuters