Middle East Crude-Oman hits 3-mth high; China's Feb gasoline exports may touch 8-yr low

Kitco Media
By Reuters
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Reuters
SINGAPORE, Feb 10 (Reuters) - Middle East crude benchmark Oman jumped to a three-month high on Friday, buoyed by strong demand from the world's No.2 oil consumer China. Spot premium for the medium sour crude reached $2.55 a barrel above the Dubai quotes, a level last seen on Nov. 17. The price hike came as Unipec, a trading arm of China's Sinopec, scooped up about 15 cargoes, or 7.5 million barrels, of medium sour Abu Dhabi Upper Zakum crude for April-loading, according to two trading sources. The firm bought about 17 cargoes of Upper Zakum crude last month. China's February gasoline exports may fall a second straight month to hit their lowest in eight years as domestic consumption rebounds after the nation emerged from COVID lockdowns, industry and market sources said, likely buoying Asian refining margins.



Saudi Aramco has told at least four customers in North Asia they will receive full contract volumes of crude oil in March, several sources with knowledge of the matter said. RUSSIA OIL Russia will cut oil production by 500,000 barrels per day, or around 5% of output , in March, Deputy Prime Minister Alexander Novak said, after the West slapped price caps on Russian oil and oil products. SINGAPORE CASH DEALS Cash Dubai's premium to swaps rose 42 cents to $2.46 a barrel. Seller-Buyer Price RELIANCE-MERCURIA 83.05 MITSUI-MERCURIA 83.45 MITSUI-MERCURIA 83.50 KOCH-MERCURIA 83.55 HENGLI-MERCURIA 83.55 MITSUI-MERCURIA 83.55 VITOL-TRAFIGURA 83.55 KOCH-PETROCHINA 83.55 HENGLI-MERCURIA 83.55 VITOL-TRAFIGURA 83.55 KOCH-MERCURIA 83.55 TOTAL-MERCURIA 83.55 VITOL-MERCURIA 83.55 TOTAL-MERCURIA 83.55 PHILLIPS 66-MERCURIA 83.60 MITSUI-MERCURIA 83.55 PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 83.64 83.36 DME OMAN DIFF TO DUBAI 2.55 2.20 CASH DUBAI 83.55 83.20 NEWS Azeri crude oil exports from Turkey's Ceyhan port remain halted after sustaining earthquake damage, BP Azerbaijan said on Thursday, while Azeri crude oil continued to flow there via a pipeline. Goldman Sachs lowered its oil price forecasts for this year and next but still expects prices to rise gradually to $100 a barrel by December. The United States on Thursday imposed sanctions on companies it accused of playing a critical role in the production, sale and shipment of Iranian petrochemicals and petroleum to buyers in Asia, as Washington increases pressure on Tehran. 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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