off-the-wire

Middle East Crude-Benchmarks dip; Russian oil products ban awaits

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, Feb 2 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban dropped on Thursday as the market awaits western countries to reach a consensus on sanctions targeting Russian oil products. The sanction could limit Russia's oil refining and prompt more crude exports from the country. EU countries will seek a deal on Friday on a European Commission proposal to set price caps on Russian oil products, after postponing a decision on Wednesday amid divisions between member states. OPEC An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply. SINGAPORE CASH DEALS Cash Dubai's premium to swaps dipped 17 cents to $1.83 a barrel. Seller-Buyer Price HENGLI-MERCURIA 80.85 PHILLIPS 66-TRAFIGURA 80.85 VITOL-PETROCHINA 80.85 PHILLIPS 66-TRAFIGURA 80.85 VITOL-MERCURIA 80.85 HENGLI-MERCURIA 80.85 KOCH-TRAFIGURA 80.89 KOCH-TRAFIGURA 80.89 VITOL-PETROCHINA 80.85 RELIANCE-MERCURIA 80.85 RELIANCE-PETROCHINA 80.85 RELIANCE-TRAFIGURA 80.86 BP-PETROCHINA 80.89


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 81.00 83.55 DME OMAN DIFF TO DUBAI 1.94 2.00 CASH DUBAI 80.89 83.55 NEWS Gasoline consumption and imports in Indonesia, Asia's largest importer of the motor fuel, could hit records this year as the nation recovers from COVID-related travel curbs, although growth is expected to slow slightly along with its economy. U.S. crude oil and fuel inventories rose last week to their highest levels since June 2021, the Energy Information Administration said on Wednesday, as demand remained weak. U.S. exports of light sweet crude to China jumped to a five-month high, as the world's biggest crude importer boosted refining and as Europe's demand eased, market participants said. 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 Rashmi Aich)


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