Middle East Crude-Benchmarks fall; ADNOC to supply full contractual volume in April

SINGAPORE, March 6 (Reuters) - Middle Eastern crude benchmarks Oman, Dubai and Murban slid on Monday, as sentiment was dented by China's lower-than-expected economic growth target, which could threaten fuel demand. The spread between Brent- and Dubai-linked grade also narrowed, to $3.48 a barrel from $3.58 in the previous session, making the arbitrage cargoes from the Atlantic Basin more attractive to Asian refiners and adding pressures on the Middle Eastern crude. The Abu Dhabi National Oil Company (ADNOC) has informed at least three buyers in Asia that it will supply full contractual volumes of crude in April, trade sources said. Unipec, a trading arm of Asia's top oil refiner Sinopec, is heard having bought 2 million barrels of Oman crude and 2 million barrels of Upper Zakum crude, both for May-loading.

SAUDI OSP Top crude exporter Saudi Arabia raised prices for the flagship Arab light crude it sells to Asia for a second month in April, to $2.50 a barrel above the Oman/Dubai average, Aramco said on Sunday night. The price hike — 50 cents a barrel higher than the March official selling prices — was in line with a Reuters survey, as signs of an economic rebound in China raised expectation for a pickup in fuel demand from the world's top oil importer. SINGAPORE CASH DEALS Cash Dubai's premium to swaps dipped 31 cents to $1.98 a barrel. Seller-Buyer Price RELIANCE-TOTAL 84.09 UNIPEC-PETROCHINA 84.05

PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 84.11 83.32 DME OMAN DIFF TO DUBAI 2.04 2.31 CASH DUBAI 84.05 83.30

NEWS Urals, KEBCO and Siberian Light oil loadings from Russia's Black Sea port of Novorossiisk in March were set at 2.18 million tonnes, below 2.38 million tonnes in the February plan. Guyana's upcoming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. The U.S. Energy Information Administration said on Friday that crude oil blending and under-reported oil output were key reasons for recently high adjustment figures in the weekly oil inventory data.

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 Uttaresh Venkateshwaran)

Asia Europe Americas CRUDE OIL MARKET NEWS
Crude oil tenders in Asia Crude oil supply outages in Asia Refinery outages in Asia Global arbitrage news and flows W.African crude imports to Asia, monthly REFINERY MAINTENANCE DIARIES
Asia Middle East Europe NATIONAL CRUDE IMPORT DATA
Japan China India S.Korea Indonesia CRUDE OIL INVENTORY DATA
Japan US Europe CRUDE OIL PRODUCTION/OILFIELD NEWS
OPEC output survey New Africa fields New projects New Americas fields CRUDE OIL MARKET REPORTS
Middle East Asia-Pacific West Africa North Sea Asia outlook Europe outlook Global futures report Technicals report PRICES
For all Official Selling Prices For a POLL on oil prices NYMEX and ICE oil futures TOCOM crude oil futures Dubai, Oman swaps and spread Middle East physical crude diffs Australia physical crude, Tapis swaps Asia-Pacific physical crude All Asian crude oil differentials All Asian crude oil outright prices ))

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Middle East Crude-Benchmarks fall; ADNOC to supply full contractual volume in April

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Solid price gains for gold, silver after busy news weekend

Bitcoin remains a ‘speculative vehicle’ and ‘won’t work’ as a reserve: ‘I prefer gold’ – Ray Dalio