SINGAPORE, March 21 (Reuters) - Middle Eastern crude
benchmarks Oman and Dubai slid for a third consecutive session
on Tuesday amid pressures from the West of Suez market,
following a week-long banking turmoil.
The Asian market appears to be more resilient, as the market
bets on the robust regional oil demand, especially from China.
China's Rongsheng has bought at least 8 million barrels of
Upper Zakum this month and Unipec is heard having placed at
least 10 cargoes of Middle Eastern crude such as Oman, Upper
Zakum and Das, traders said.
The spread between Brent- and Dubai-linked crude was pegged
at $1.5 a barrel, which is slightly widened from $1.4 a barrel
in the previous day but remains much narrower than about $3.7 a
barrel in early March.
A narrower spread could prompt Asian buyers to place more
orders to buy crude from the Atlantic Basin.
RUSSIAN OIL
Crude oil exports and transit of Urals, KEBCO and Siberian
Light oil grades from Russia's western ports are expected to
rise 9% in March from February, data from trade sources and
Reuters calculations showed.
Russia's oil exports from its western ports, excluding
Kazakhstan-sourced oil in transit, will increase by 4% on a
daily basis, despite the announced plans to reduce oil
production in March by 500,000 barrels per day.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps fell 26 cents to $1.11 a
barrel. Phillips 66 will deliver one May-loading Upper Zakum
cargo to Total following the trade.
Seller-Buyer Price
PHILLIPS 66-TOTAL 73.60
VITOL-TRAFIGURA 73.80
VITOL-TRAFIGURA 73.80
VITOL-PETROCHINA 73.80
VITOL-EQUINOR 73.80
PHILLIPS 66-TOTAL 73.75
VITOL-PETROCHINA 73.80
PHILLIPS 66-PETROCHINA 73.75
VITOL-PETROCHINA 73.80
PHILLIPS 66-TOTAL 73.75
PHILLIPS 66-PETROCHINA 73.75
PHILLIPS 66-TOTAL 73.75
KOCH-TRAFIGURA 73.75
VITOL-PETROCHINA 73.75
KOCH-PETROCHINA 73.75
VITOL-PETROCHINA 73.75
KOCH-GUNVOR 73.70
KOCH-PETROCHINA 73.70
PHILLIPS 66-TOTAL 73.70
BP-TOTAL 73.70
PRICES ($/BBL)
CURRENT PREV SESSION
DME OMAN 73.90 70.35
DME OMAN DIFF TO DUBAI 1.31 1.43
CASH DUBAI 73.70 70.29
NEWS
U.S. crude exports to Europe have hit a record 2.1 million
barrels per day on average so far this month, spurred by wide
discounts to the global benchmark and weaker oil demand by U.S.
refineries.
Norway's crude oil output grew slightly in February from
January but lagged an official forecast, preliminary data from
the Norwegian Petroleum Directorate (NPD) showed on Tuesday.
TotalEnergies plans to shut its Normandy oil refinery, a
company spokesperson said on Tuesday as a strike against
government changes to pensions entered its 14th day.
Kuwait Oil Company's Jurassic oil and gas production
facilities 4 and 5 are 70% complete and expected to begin
operating at the start of 2024, the company said via Instagram
on Tuesday.
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 Varun H K)
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 ))
