Middle East Crude-Benchmarks dip; more refiners buy TMX oil

TMX

15/07/2024 11:23

SINGAPORE, July 15 (Reuters) - Spot premiums for Middle
East crude benchmarks Oman, Dubai and Murban dipped on Monday,
with trades for September-loading cargoes expected to pick up
speed this week.
    Qatar Energy on Monday will close three tenders to sell
crude for September loading with bids valid until Wednesday,
traders said.
    The producer offered three al-Shaheen crude cargoes for
loading on Sept. 1-2, 17-18 and 25-26 and one cargo each of
Qatar Land and Marine crude.
    
    ARBITRAGE
    Asia's crude oil imports from Canada's newly expanded Trans
Mountain pipeline will rise in September, as major refiners in
Japan and South Korea and a refinery in Brunei have bought their
first cargoes alongside China, multiple trade sources said.
    Chevron will split a Cold Lake crude cargo between its South
Korean joint venture refiner GS Caltex and Japan's top refiner
ENEOS, traders said. ENEOS bought 250,000 barrels, while GS
Caltex takes the remaining 300,000 barrels, they added.
    South Korea's top refiner SK Energy bought a cargo from
Unipec, while Hengyi Petrochemical also purchased a cargo from
PetroChina for its Brunei refinery, traders said.
    The cargoes, of 550,000 barrels each, to be delivered in
September were sold at discounts of between $5 and $6 a barrel
to ICE Brent, they added.
    Meanwhile, Chinese private refiner Rongsheng Petrochemical
002493.SZ has also purchased another two Access Western Blend
(AWB) cargoes from ConocoPhillips and Vitol after buying two
cargoes via a tender, traders said.
    
    SINGAPORE CASH DEALS
    Cash Dubai's premium to swaps fell 4 cents to $1.80 a
barrel.
     ExxonMobil will deliver a September-loading Upper Zakum
crude cargo to PetroChina in the first delivery this month.
 SELLER-BUYER                PRICE
                             $/BBL
 EXXONMOBIL-PETROCHINA       84.68
 EXXONMOBIL-MITSUI           84.68
 PHILLIPS 66-PETROCHINA      84.68
 EXXONMOBIL-SHELL            84.65
 RELIANCE-MITSUI             84.68
 EXXONMOBIL-PETROCHINA       84.68
 RELIANCE-SHELL              84.65
 EXXONMOBIL-MITSUI           84.68
 PTT-PETROCHINA              84.68
 EXXONMOBIL-MITSUI           84.68
 RELIANCE-PETROCHINA         84.68
 PTT-MITSUI                  84.68
 EXXONMOBIL-PETROCHINA       84.68
 PTT-MITSUI                  84.68
 EXXONMOBIL-PETROCHINA       84.68
 EXXONMOBIL-PETROCHINA       84.68
 EXXONMOBIL-MITSUI           84.68
 VITOL-PETROCHINA            84.68
 VITOL-PETROCHINA            84.68
 VITOL-MITSUI                84.68
 PHILLIPS 66-PETROCHINA      84.68
 VITOL-SHELL                 84.68
 PTT-PETROCHINA              84.68
 EXXONMOBIL-SHELL            84.68
 VITOL-PETROCHINA            84.68
 EXXONMOBIL-MITSUI           84.68
 VITOL-PETROCHINA            84.68
    
    PRICES ($/BBL)
                         CURRENT  PREV SESSION
 DME OMAN                84.58    85.58
 DME OMAN DIFF TO DUBAI  1.70     1.78
 CASH DUBAI              84.68    85.64
    
    NEWS
    Official data showed on Monday China's refinery output fell
3.7% in June from a year earlier, down for a third month amid
planned maintenance, while lower processing margins and
lacklustre fuel demand pushed independent plants to cut output.
    Russia has sent ultra-low sulphur diesel from its ports for
storage in the regional hub of Singapore and West Africa,
traders and shipping data show, as ample supply has slowed
demand.
    Nigerian state-owned oil firm NNPC shareholding in Dangote
refinery has been whittled down to 7.2% from 20% after failing
to pay the balance of funding owed, Aliko Dangote, the
refinery's owner, told the BusinessDay newspaper.
    Brent crude oil has been trading in a tight range of $75-$90
a barrel since late 2022 as OPEC+ cuts keep a floor under
prices, while sizeable spare capacity, demand uncertainty and
sanctions policy prevent the market breaking higher.
    
    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 Shreya Biswas)
 ((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 ))