off-the-wire

Middle East Crude-Benchmarks rise on China demand optimism

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, Feb 7 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban rose on Tuesday after top oil exporter Saudi Arabia raised its March official selling prices to Asian buyers amid optimism of China's oil demand. Chinese refiners have increased purchases of crude oil since January and traders expect the procurements to further grow in this trading cycle. MEDITERRANEAN OIL Oil began to be pumped on the Kirkuk-Ceyhan pipeline from Iraq to Turkey on Tuesday, after it was halted due to massive earthquakes that struck southeastern Turkey on Monday, a Turkish energy official said. Exports from Ceyhan were expected to resume on Tuesday as well, the person said. SINGAPORE CASH DEALS Cash Dubai's premium to swaps edged higher by 3 cents to $1.95 a barrel. Seller-Buyer Price Vitol-Mercuria 80.50 Total-Trafigura 80.40 Mitsui-Mercuria 80.40 Gunvor-PetroChina 80.50 Phillips 66-Trafigura 80.40 Mitsui-Mercuira 80.40 Total-PetroChina 80.40 Phillips 66-Trafigura 80.40 Koch-Mercuria 80.40 Vitol-Mercuria 80.45 Gunvor-Mercuria 80.50 Total-PetroChina 80.40 BP-PetroChina 80.54


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 80.45 78.31 DME OMAN DIFF TO DUBAI 2.00 1.88 CASH DUBAI 80.40 78.35 NEWS Europe will no longer set the reference price for Russia's flagship Urals crude, Igor Sechin, the CEO of Russia's oil major Rosneft said on Monday, now Asia has emerged at the largest buyer of Russian oil since the West placed it under sanctions.


The European Union's full embargo of Russian oil products came into effect on Feb. 5, but data from traders and Refinitiv show that the bulk of Russia's fuel oil and vacuum gasoil (VGO) is already being shipped to other regions, mostly in Asia. BP on Tuesday reported a record profit of $28 billion for 2022 while boosting its dividend in a sign of confidence as it sharply raised overall spending plans and scaled back ambitions to reduce oil and gas output by 2030.


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 Maju Samuel)


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