off-the-wire

Middle East Crude-Benchmarks start Feb at stronger level on demand rebound hopes

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, Feb 1 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban kicked off a new month at higher premiums on Wednesday as traders expect oil demand to increase, mostly due to China. Traders will start placing orders for April-loading Persian Gulf crude this month. Not much heavy maintenance at Asian refineries is scheduled this spring. OPEC OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. SINGAPORE CASH DEALS Cash Dubai's premium to swaps rose 87 cents to $2.00 a barrel. Seller-Buyer Price RELIANCE-MERCURIA 83.55 PHILLIPS 66-MERCURIA 83.55 PHILLIPS 66-TRAFIGURA 83.55 RELIANCE-MERCURIA 83.55 GUNVOR-TRAFIGURA 83.55 GUNVOR-MERCURIA 83.55 PHILLIPS 66-TRAFIGURA 83.55 HENGLI-MERCURIA 83.55 PHILLIPS 66-TRAFIGURA 83.55 HENGLI-MERCURIA 83.55 GUNVOR-TRAFIGURA 83.55 KOCH-MERCURIA 83.55 VITOL-TRAFIGURA 83.55 VITOL-MERCURIA 83.55 VITOL-TRAFIGURA 83.55 KOCH-MERCURIA 83.55 GUNVOR-TRAFIGURA 83.55 VITOL-PETROCHINA 83.55


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 83.55 79.91 DME OMAN DIFF TO DUBAI 2.00 0.14 CASH DUBAI 83.55 80.90 ASIAN REFINERIES South Korea's S-Oil plans to shut its No.3 crude distillation unit (CDU), condensate fractionation unit (CFU) and hydrocracker for maintenance in May, a company spokesperson said on Wednesday. NEWS Russia's exports of ultra-low sulphur diesel (ULSD) from the Baltic Sea port of Primorsk are set to rise by 4.6% month-on-month on a daily basis in February to 1.71 million tonnes, from 1.81 million tonnes scheduled for January, two traders said on Wednesday. South Korea's S-Oil said on Wednesday it sees regional refining margins in 2023 remaining elevated over pre-2022 levels, though the company posted a loss in the fourth quarter of 2022 on a fall in oil prices during the period. Oil prices will see a gradual rise this year as demand recovery spurred by China's reopening and supply shortfalls due to sanctions on Russia offer some respite from global recession worries, a Reuters poll showed on Tuesday. For crude prices, oil product cracks and refining margins, please click on the RICs below. Brent Dubai DME Oman Brent/Dubai EFS PRODUCT CRACKS
Fuel oil crack Gasoil crack Naphtha crack Complex refining margins (Reporting by Muyu Xu; Editing by Savio D'Souza)


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