Middle East crude benchmark Murban, a naphtha-rich light sour crude, jumped on Thursday as the refining margin of naphtha (NAF-SIN-CRK) soared to its highest level since May 2022.

Spot premium of Murban reached $3.35 a barrel over the Dubai quote, 36 cents higher than the previous session.

Oman premium, largely supported by China’s demand, also climbed on expectation of demand recovery and stock replenishment after the Lunar New Year holiday.

ASIAN REFINERIES

The 200,000-barrel-per-day refinery will process 7.96 million tonnes of crude oil this year, the ministry said in a statement.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps gained 21 cents to $1.21 a barrel.

NEWS

are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia’s oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.

markets are likely to stay depressed in the first half of 2023 as the region prepares to absorb Russian supplies after Europe’s ban on Moscow’s oil products takes effect on Feb. 5, and demand from the petrochemical sector remains subdued.
Source: Reuters