Middle East Crude-Murban drops as Brent/Dubai EFS narrows; ADNOC sets Apr Murban price

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, March 13 (Reuters) - Murban, a Middle Eastern crude benchmark, drifted lower on Monday as the light sour crude is pressured by shipments from the West of Suez area. The Brent-Dubai Exchange for Swaps (EFS), representing the price difference between light sweet arbitrage crude and Middle East sour crude, narrowed to $2.7 a barrel on Monday, a level last seen since Dec 23, 2021. A narrower EFS typically attracts Asian refiners to take barrels from further afield.


OSP The Abu Dhabi National Oil Company (ADNOC) set the April official selling price (OSP) of its benchmark Murban crude at $83.36 a barrel, the company said on Friday, up from a March OSP of $82.63. ADNOC also set the OSPs for Umm Lulu at a premium of 5 cents over Murban, and for Das and Upper Zakum at discounts of $1.3 and $1.2 against Murban, respectively.


SINGAPORE CASH DEALS Cash Dubai's premium to swaps dipped 7 cents to $2.00 a barrel.
Seller-Buyer Price BP-TOTAL 82.45 PHILLIPS 66-PETROCHINA 82.45 UNIPEC-TOTAL 82.40 PHILLIPS 66-PETROCHINA 82.45 TRAFIGURA-TOTAL 82.40 PHILLIPS 66-PETROCHINA 82.40 PHILLIPS 66-PETROCHINA 82.40 BP-TOTAL 82.40 KOCH-PETROCHINA 82.40 RELIANCE-GUNVOR 82.35 UNIPEC-PETROCHINA 82.40 BP-PETROCHINA 82.40 RELIANCE-TOTAL 82.39 UNIPEC-PETROCHINA 82.40 KOCH-TOTAL 82.39 PHILLIPS 66-PETROCHINA 82.39 UNIPEC-PETROCHINA 82.35 KOCH-TOTAL 82.34 RELIANCE-GLENCORE 82.30 KOCH-TOTAL 82.34 EXXONMOBIL-TOTAL 82.34 RELIANCE-PETROCHINA 82.31


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 82.46 80.29 DME OMAN DIFF TO DUBAI 2.15 2.15 CASH DUBAI 82.31 80.21


ASIAN REFINERIES Saudi Arabia's Rabigh Refining and Petrochemical has restarted its refining and downstream units from a planned maintenance, after more than a month-long delay, four industry sources said. China's top refiner Sinopec Corp has started a partial maintenance at its Jinling refinery in Nanjing, according to a post on the company's official Weibo account.


NEWS U.S. President Joe Biden's administration will approve a major and controversial oil drilling project in Alaska on Monday, according to a source familiar with the matter. Crude oil exports and transit from Russia's Black Sea port of Novorossiisk were suspended on March 10 due to a storm, Reuters sources said on Friday. Russia is ramping up its diesel supplies to Saudi Arabia using ship-to-ship (STS) loadings in addition to direct supplies, market sources said and Refinitiv data showed.


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 Shailesh Kuber)


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