Middle East crude benchmark spot premiums rallied on Monday, with that of Dubai and Murban hitting about one-week highs, supported by tight fundamentals and potential for more sanctions on Russia.
U.S. President Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a “major statement” on Russia on Monday.
Oil prices nudged higher on the day, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 32 cents to $3.26 a barrel, the highest since July 3.
NEWS
China’s crude oil imports rebounded in June and reached the highest daily rate since August in 2023, data showed on Monday, after refineries increased operations and imports rose from Saudi Arabia and Iran, according to consultancies.
OPEC, which along with its allies is ramping up oil output, expects “very strong” oil demand in the third quarter and a tight supply-demand balance in the following months, its secretary general said, according to a Russian media report.
Saudi Arabia’s energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.
Taiwan’s state-owned energy company CPC Corp is in early stage discussions to buy shale-gas producing assets in the United States, three sources familiar with the matter said, in a bid to secure natural gas supplies to fuel Taiwan’s economy.
Source: Reuters