Murban, a light sour crude, jumped in the last trading session of June to its highest level since mid-April.
Spot premium for Murban was pegged at $2.6 a barrel over the Dubai quotes.
The price hike followed active trades by Reliance in both physical and futures market, trading sources said. The firm was heard to have bought 1 million barrels of August-loading Murban on Friday.
Meanwhile, eight more deliveries of August-loading crude cargoes were settled, including two Murban crude, three Oman crude, two Upper Zakum crude and one al-Shaheen crude.
These brought the total deliveries for August-loading crude to 72 in June, a level last seen in 2015.
OSP
The official selling price (OSP) for Oman crude in August will fall by $0.16 to $74.78 a barrel, Reuters calculations based on data from the Dubai Mercantile Exchange (DME) showed on Friday.
The August Oman OSP is the average of daily Oman settlements at 0830 GMT each trading day in June for the front month contract.
The Dubai crude OSP, set at a parity to DME Oman, was calculated at $74.78 a barrel for August.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 81 cents to $2.17 a barrel on Friday.
Unipec sold two Murban cargoes, two Oman cargoes, one Upper Zakum cargo and one al-Shaheen cargo to Totsa. While Vitol sold one Oman and one Upper Zakum also to Totsa. All cargoes are set for August-loading.
NEWS
Chinese refiners are likely to increase diesel exports sharply from late June into July to cash in on higher cash premiums and margins in recent weeks after keeping shipments steady in the previous two months, traders and analysts said.
Russia’s seaborne oil exports from Primorsk, Ust-Luga and Novorossiisk will fall to 1.9 million barrels per day (bpd) in July from 2.3 million bpd in June as domestic refineries increase runs, Refinitiv Eikon data showed on Wednesday.
Kazakhstan has shipped 290,000 tons of oil to Germany via the Russian Druzhba pipeline so far this year, Kazakh state pipeline operator KazTransOil said on Friday.
Source: Reuters (Reporting by Muyu Xu; Editing by Shailesh Kuber)