CHINA China's mega private refineries are expected to operate at full processing rates or higher until April as their margins have improved after the government lifted COVID-19 restrictions, company officials said on Wednesday. ZPC's 800,000 barrels per day (bpd) refinery in Zhoushan city increased its run rate to 100% in February, a company official said, adding that run rates should be "no lower than that now". Hengli's 400,000 bpd refinery in the city of Dalian is operating at 107% to 108%, a company official said. Separately, Saudi Aramco's new refinery deal to buy a 10% stake in private Chinese chemical group Rongsheng Petrochemical includes agreements on crude oil storage in eastern China and the supply of plastics and petrochemicals to the Middle East energy giant. Under the Saudi's first storage agreement in China, ZPC will provide Aramco 3 million cubic metres (about 18.6 million barrels) of storage space in east China port Zhoushan, Rongsheng said in a statement on Tuesday to the Shenzhen Stock Exchange outlining further details of the refinery deal. SINGAPORE CASH DEALS Cash Dubai's premium to swaps rose 39 cents to $1.41 a barrel. The benchmark remained well supported by bids from Total, PetroChina and Phillips 66. Vitol will deliver a May-loading Upper Zakum crude cargo to Total following the deals. This brings the total number of cargoes delivered on window this month to 14 - including 10 Upper Zakum cargoes and two cargoes each of al-Shaheen and Oman. PetroChina and Total are the top buyers this month. SELLER-BUYER PRICE VITOL-TOTAL 77.95 VITOL-TOTAL 77.95 VITOL-TOTAL 77.95 EXXONMOBIL-PETROCHINA 77.95 VITOL-TOTAL 77.95 EXXONMOBIL-PETROCHINA 77.95 VITOL-TOTAL 77.95 EXXONMOBIL-PETROCHINA 78.00 UNIPEC-PHILLIPS 66 78.00 EXXONMOBIL-PHILLIPS 66 78.00 UNIPEC-PHILLIPS 66 78.00 UNIPEC-PHILLIPS 66 78.00 EXXONMOBIL-KOCH 78.00 UNIPEC-TOTAL 77.99 UNIPEC-PHILLIPS 66 77.95 UNIPEC-PETROCHINA 77.95 VITOL-GUNVOR 78.00 UNIPEC-TOTAL 77.99 VITOL-GUNVOR 78.00 UNIPEC-KOCH 77.99 VITOL-TOTAL 77.99
PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 77.64 77.61 DME OMAN DIFF TO DUBAI 1.41 1.02 CASH DUBAI 77.99 77.80
NEWS
Large inflows of Russian crude oil and refined products have boosted tank
storage demand at the United Arab Emirates' Fujairah, pushing storage fees at
the transit and blending hub to all-time highs in the first quarter, industry
sources said. Australia's gasoline and diesel imports are expected to rise 2% to hit a
record for a second straight year due to a drop in domestic production and a
post-COVID economic recovery boosting fuel demand, traders, analysts and an
industry source said. The U.S. could start buying back crude oil for the Strategic Petroleum
Reserve late this year after President Joe Biden last year directed the largest
ever sale from the stockpile, Energy Secretary Jennifer Granholm said. 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 Florence Tan; Editing by Shailesh Kuber)
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
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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 ))
