Middle East Crude-Oman, Murban extend gains on hopes for China demand recovery

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, Feb 20 (Reuters) - Middle Eastern crude benchmarks Oman and Murban extended gains on Monday on the back of optimism for a revival in demand from China. The spot premium for light sour Murban was pegged at $3.10 a barrel over the Dubai quotes, up 14 cents from the previous session. The increase in the premium followed a strengthening of naphtha refining margins. For tenders, Vietnam's PV Oil likely sold 300,000 barrels Ruby cargo for April-loading at about $6 over the Dated Brent, traders said. They said Qatar Energy likely sold one April-loading low-sulphur condensate at about 50 cents a barrel over the front month Dubai, and one April deodorised field condensate at about $1 a barrel over the front month Dubai. INDIA India's Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow still the top monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia, data from trade sources showed.


SINGAPORE CASH DEALS Cash Dubai's premium to swaps dipped 4 cents to $2.25 a barrel.


BP will deliver one April-loading Upper Zakum cargo to PetroChina following the trade. Hengli will also deliver an April-loading Upper Zakum cargo to Mercuria. Seller-Buyer Price VITOL-PETROCHINA 82.45 EXXONMOBIL-PETROCHINA 82.45 VITOL-PETROCHINA 82.45 PHILLIPS 66-MERCURIA 82.45 MITSUI-TRAFIGURA 82.40 EXXONMOBIL-MERCURIA 82.45 PHILLIPS 66-PETROCHINA 82.45 HENGLI-MERCURIA 82.45 EXXONMOBIL-PETROCHINA 82.45 SHELL-TRAFIGURA 82.40 PHILLIPS 66-PETROCHINA 82.45 BP-TRAFIGURA 82.40 TOTAL-MERCURIA 82.39 EXXONMOBIL-PETROCHINA 82.45 SHELL-TRAFIGURA 82.40 VITOL-PETROCHINA 82.45 SHELL-TRAFIGURA 82.40 EXXONMOBIL-PETROCHINA 82.45 TRAFIGURA-PHILLIPS 66 82.35 RELIANCE-PETROCHINA 82.45 EXXONMOBIL-PETROCHINA 82.45 HENGLI-MERCURIA 82.40 SHELL-GUNVOR 82.35 EXXONMOBIL-PETROCHINA 82.45 HENGLI-MERCURIA 82.40 SHELL-TRAFIGURA 82.35 PHILLIPS 66-PETROCHINA 82.45 HENGLI-MERCURIA 82.40 EXXONMOBIL-PETROCHINA 82.45 BP-PETROCHINA 82.45 SHELL-TRAFIGURA 82.40 HENGLI-MERCURIA 82.40 TOTAL-TRAFIGURA 82.40 VITOL-PETROCHINA 82.40 PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 82.64 82.22 DME OMAN DIFF TO DUBAI 2.49 2.27 CASH DUBAI 82.40 82.24 NEWS China's commerce ministry met with independent oil refiners to discuss their deals with Russia, five sources with knowledge of the matter said, imports which have saved Chinese buyers billions of dollars. Kazakhstan will supply 100,000 tonnes of oil via Russia's Druzhba pipeline to Germany in March for the PCK Schwedt refinery after it agreed commercial and legal terms with all parties involved, two sources familiar with the talks said. U.S. crude oil exports that have been boosted by a trade flow reshuffle in the aftermath of Russia's invasion of Ukraine will remain elevated this year as Europe and Asia search for supplies, company officials and analysts said. U.S. energy firms this week cut the number of oil and natural gas rigs operating for the second time in three weeks, energy services firm Baker Hughes Co said in its closely followed report on Friday. 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 Sharon Singleton)


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