Middle Eastern crude benchmark Oman fell on Wednesday after refiners wrapped up their purchases as the physical trading cycle started to wane before the month-end.

The spread between Brent- and Dubai-linked crude continued to lessen on Wednesday to its narrowest level in 13 months at $3.25 a barrel, heaping pressures on regional grades.

Thailand’s PTT might have bought two cargoes of April-loading Murban at a premium of around $2.9 a barrel to the front-Dubai, likely from Vitol and Gunvor, traders said.

ASIAN REFINERIES

China’s Sinopec Corp 600028 said on Wednesday it has completed trial runs at a one million tonnes-per-year ethylene plant in the southern Chinese province of Hainan that will boost exports.

India’s Hindustan Petroleum Corp (HPCL) plans to start its 9 million tonne-a-year Barmer refinery and petrochemical project in Rajasthan state by January 2024, the oil minister said on Tuesday, helping to cut petrochemical imports.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps gained 16 cents to $1.69 a barrel.

The Caspian Pipeline Consortium said on Wednesday it had suspended some oil flows to its Black Sea terminal.

Kazakhstan may send the first batch of oil via Russia’s Druzhba pipeline to Germany in the coming days, possibly on Wednesday, Russia’s RIA state news agency cited Kazakhstan’s Energy Minister Bolat Akchulakov as saying on Wednesday.

Russia has ramped up its light oil products exports via Mediterranean ship-to-ship (STS) transfers in February after an embargo shut off access to European markets, data from traders and Refinitiv showed.
Source: Reuters