Middle East Crude-Dubai extends gains for 2nd session; ESPO holds steady

Perpetual Energy

22/07/2021 11:43

SINGAPORE, July 22 (Reuters) - Middle East crude benchmark
Dubai extended gains for a second session on Thursday, supported
by Shell's purchases, while Russian ESPO premiums held steady in
recent trading price range.
    In its third tender, Surgutneftegaz sold two cargoes at
$2.60-$2.70 a barrel above Dubai quotes, and a third cargo
loading at end-September at $2.30-$2.40 a barrel. ChemChina,
Vitol and Trafigura may have bought the cargoes.
    Paramount Energy and Gazpromneftegaz have also sold three
cargoes at premiums of $2.60-$2.70 a barrel.
    For Middle East crude, SOMO sold 1 million barrels of Basra
Light crude for August-loading to a western buyer, probably
Petrobras, at a small premium to its official selling price.
SOMO did not award a tender to sell 2 million barrels of Basra
Medium crude.
    Taiwan's CPC bought one Upper Zakum crude cargo at
$2.20-$2.30 a barrel above Dubai quotes.
    For regional crude, Santos sold an August-loading Van Gogh
to Vitol via a tender although the price was not immediately
known.

    WINDOW
    Cash Dubai's premium to swaps rose 14 cents to $2.39 a
barrel. PetroChina will deliver a Dubai crude cargo to Shell
following the trades.
 Buyer-Seller       Price
 PetroChina-Shell   71.40
 PetroChina-Shell   71.40
 BP-Shell           71.40
 Hengli-Shell       71.40
 Hengli-Shell       71.40
 BP-Shell           71.40
 Hengli-Shell       71.40
    
    PRICES ($/BBL)
                         CURRENT  PREV SESSION
 DME OMAN                71.56    68.75
 DME OMAN DIFF TO DUBAI  2.55     2.36
 CASH DUBAI              71.40    68.75
    TENDERS    
 COUNTRY/COMPANY      GRADE            VOLUME       COUNTERPARTY/PRICE  LOADING DATE
 *AUSTRALIA/SANTOS    s: Van Gogh      300KB        Vitol               Aug 10-14 
 *IRAQ/SOMO           s: Basra Light   1,000KB      western buyer,      Aug 28-30
                                                    small premium to    
                                                    OSP                 
 *IRAQ/SOMO           s:Basra Medium   2000KB       did not award       Aug
 *RUSSIA/SURGUT       s: ESPO          2*740KB      ChemChina, Vitol,   Sept 19-26, 23-30,
                                                    NA Dubai            26-30
                                                    +$2.60-2.70,        
                                                    +$2.30-$2.40 (last  
                                                    cgo)                
 *RUSSIA/PARAMOUNT    s: ESPO          2*740KB      Dubai +$2.60-2.70   Sept
 *RUSSIA/GAZPROMNEFT  s: ESPO          740KB        Dubai ard +$2.6     Sept 1-10
 *THAILAND/PTT        b:Banoco AM      500KB        OSP ard -60 c/b     Sept
 *QATAR/QP            s: Deodorized    NA           Dubai +$2.4-$2.5    Sept
                      Field                                             
                      Condensate                                        
                      (DFC)                                             
 *QATAR/QP            s: Low Sulphur   NA           NA                  Sept
                      Condensate                                        
                      (LSC)                                             
 *TAIWAN/CPC          b:Upper Zakum    500KB        Dubai +$2.20-$2.30  Sept
   
    REFINERY
    Israel's largest refining and petrochemicals group, Oil
Refineries, said on Thursday it would invest $1.5 billion to
become a cleaner energy company as it faces a government push to
shut down more polluting factories.  urn:newsml:reuters.com:*:nL8N2OY1S5
    
    NEWS
    Oil pricing agency S&P Global Platts said on Wednesday
discussions with industry show opinion is focused on two
possible additions to the dated Brent benchmark - Johan Sverdrup
crude, and West Texas Intermediate (WTI) Midland crude.
 urn:newsml:reuters.com:*:nL1N2OX1F8
    Iran has opened its first oil terminal in the Gulf of Oman,
President Hassan Rouhani said on Thursday, to allow Iranian
tankers to avoid using the strategically vulnerable Strait of
Hormuz, which has been a focus of regional tension for decades.
 urn:newsml:reuters.com:*:nL1N2OY0JE
    U.S. crude oil stockpiles rose last week, breaking a streak
of eight weeks of declines, as imports surged to their highest
in a year, the Energy Information Administration said on
Wednesday.  urn:newsml:reuters.com:*:nL1N2OX1DA
    Global commodity trader Mercuria is aggressively expanding
its energy transition business, snapping up employees from oil
majors BP Plc and Royal Dutch Shell, according to three people
familiar with the matter and employee LinkedIn profiles.
 urn:newsml:reuters.com:*:nL1N2OX000
    
    For crude prices, oil product cracks and refining margins,
please click on the RICs below.
  
 Brent                        BRENTSGMc1 
 Dubai                        DUBSGSWMc2 
 DME Oman                     OQc1 
 Brent/Dubai EFS              DUB-EFS-1M 
                             
 PRODUCT CRACKS              
 Fuel oil crack               FO180SGCKMc1 
 Gasoil crack                 GOSGCKMc1 
 Naphtha crack                NAF-SIN-CRK  
 Complex refining margins     REF/MARGIN1 
 
 (Reporting by Florence Tan; editing by Uttaresh.V)
 ((Florence.Tan@thomsonreuters.com; Reuters Messaging:
florence.tan.thomsonreuters.com@reuters.net))
 
((RECENT CRUDE OIL TRADES:
Asia  ACRU/T   Europe  CRU/T  Americas  CRU/TU 
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                        CRU/TENDA     
Crude oil supply outages in Asia                 CRU/OUT-ASIA-O       
Refinery outages in Asia                         REF/OUT-ASIA-O       
Global arbitrage news and flows                  O/CRUDEARB       
W.African crude imports to Asia,  monthly        O/WAFRICA1       
REFINERY MAINTENANCE DIARIES      
Asia  REF/A    Middle East  REF/ME    Europe  REF/E       
                       
NATIONAL CRUDE IMPORT DATA      
Japan      METI/JP1    China    O/CHINA1       
India      O/INDIA2    S.Korea  O/KOREA1       
Indonesia  O/INDO1-CRU          
                       
CRUDE OIL INVENTORY DATA      
Japan  O/JAPAN1   US  EIA/S   Europe  O/EUROIL1       
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey  OPEC/O           New Africa fields     AFR/NEW  
New projects        ENERGY/NEW       New Americas  fields  AM/NEW 
CRUDE OIL MARKET REPORTS      
Middle East              CRU/M     Asia-Pacific          CRU/AP       
West Africa              CRU/WAF   North Sea             CRU/E       
Asia outlook             ASIA/CRU  Europe outlook        EUR/CRU       
Global futures report    O/R       Technicals report     O/I       
                            
PRICES      
For all Official Selling  Prices        OSP/O       
For a POLL on oil  prices               O/POLL       
NYMEX and ICE oil  futures              OILOIL       
TOCOM crude oil  futures                0#JCO:       
Dubai, Oman swaps and  spread           ASIA/SWAP/CRUDE       
Middle East physical crude diffs        CRUDE/ASIA2       
Australia physical crude, Tapis swaps   CRUDE/ASIA1       
Asia-Pacific physical crude             CRUDE/ASIA3       
All Asian crude oil  differentials      0#C-DIF-A 
All Asian crude oil outright  prices    0#C-A ))