Middle East crude benchmark spot premiums for Murban, Oman and Dubai edged higher on Thursday, after declines in the previous two sessions.
State-owned QatarEnergy has hiked the term price for al-Shaheen crude oil loading in November to the highest in eight months, two trade sources said on Thursday.
It set the November prices at $3.61 a barrel above Dubai quotes, up $1.09 from the previous month and the highest since March.
The sharp increase in the term price followed a rally in spot Middle East benchmarks premiums this month, supported by firm buying.
QatarEnergy sold three al-Shaheen cargoes to Vitol, one of the sources said.
Separately, the company sold one November-loading Qatar Marine and Land crude each to PTT at premiums between $2.20 and $2.40 a barrel above Dubai quotes, the sources said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 4 cents to $2.96 a barrel.
Mercuria will deliver four November Upper Zakum crude cargoes to Mitsui, PetroChina, NPI and Gunvor each following the deals.
NEWS
State-owned Sinochem Group is moving its headquarters and hundreds of staff to a new economic development zone south of the Chinese capital by the end of this month, three people familiar with the matter said.
Oil demand continues to grow in Asia, while China and some other countries have been replenishing their crude stockpiles, Alexander Dyukov, the head of Russian oil major Gazprom Neft SIBN said on Thursday, TASS news agency reported.
U.S. crude oilstockpiles fell sharply last week as net imports dropped to a record low amid a jump in exports to a near two-year high, the Energy Information Administration said on Wednesday.
India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) has issued an expression of interest to sell term jet fuel cargoes for delivery in the fourth quarter, according a document seen by Reuters on Thursday.
Source: Reuters