Middle East crude benchmarks Dubai and Murban premiums dropped on Tuesday, while Oman rose as the market expects China’s demand revival to support prices but the increase of Russian barrels in the region is sparking oversupply concerns.

In terms of tender, Qatar Energy offered to sell April-loading Qatar Land and Marine crude. It also offered two cargoes of Al-Shaheen crude for April 1-2 and April 28-29 loading. The tenders will close on Wednesday.

OSP
raised the official selling price (OSP) for the Kuwait Export Crude (KEC) to Asia in March by 35 cents from the previous month to $1.40 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed on Tuesday.

The producer has set the March Kuwait Super Light Crude (KSLC) OSP to $2.05 a barrel above Oman/Dubai quotes, $1.30 lower from the previous month.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps dipped 10 cent to $2.35 a barrel. Vitol will deliver one April-loading Upper Zakum cargo to Mercuria following the trade.

ASIAN REFINERIES

The completion of the ethylene trial runs “marks that Guangdong refinery has opened up the whole process of oil refining and chemical production, and enters the stage of comprehensive trial production”, the People’s Daily report said late on Monday.
Source: Reuters