Middle East Crude-Dubai firms; Shell to deliver Oman to Total

SINGAPORE, March 31 (Reuters) - Middle East crude benchmark Dubai climbed on Friday amid a stream of trades concluded on the final trading day of March. Dubai's market structure, which reflects the first-month and third-month price spread, averaged at about $1.70 a barrel this month, compared with $2.04 a barrel in February.

DUBAI OSP

Dubai has set its official differential to Oman futures 1OQc1 for June at a discount of $0.10 per barrel, according to the Dubai Department of Petroleum Affairs.

OMAN OSP The official selling price (OSP) for Oman crude oil will fall by $3.74 to $78.49 a barrel in May, according to Reuters calculations based on data from the Dubai Mercantile Exchange (DME).

MCO PRICE FACTORS Malaysia's state oil firm Petronas has set the monthly price factors for April-loading crude as follows:

Price Adjustment Price Differential (Beta) (Alpha)

LMKK Tapis Bintulu Dulang Cendor Blend
April 6.65 -3.93 -2.63 1.37 1.30 March 9.30 -4.62 -2.97 1.41 1.50

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 17 cents to $1.54 a barrel. Shell will deliver a May-loading Oman cargo to Total following the deals. This brings the total number of cargoes delivered on window this month to 16 - including 11 Upper Zakum cargoes, two cargoes of al-Shaheen and three cargoes of Oman. PetroChina and Total are the top buyers this month.
SELLER-BUYER PRICE SHELL-TRAFIGURA* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL-GUNVOR* 78.00 SHELL-TOTAL* 78.00 SHELL-TRAFIGURA* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TOTAL* 78.00 SHELL-GUNVOR* 78.00 SHELL-TRAFIGURA* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TRAFIGURA* 78.00 SHELL-TOTAL* 78.00 SHELL-GUNVOR* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TOTAL* 78.00 SHELL-TRAFIGURA* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TRAFIGURA* 78.00 SHELL-GUNVOR* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TRAFIGURA* 78.00 SHELL-TOTAL* 78.00 SHELL-TRAFIGURA* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TOTAL* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL-TOTAL* 78.00 SHELL-TOTAL* 78.00 SHELL-TOTAL* 78.00 SHELL-TOTAL* 78.00 SHELL-PETROCHINA* 78.00 SHELL*-GUNVOR 78.05 RELIANCE*-GUNVOR 78.05 SHELL*-GUNVOR 78.05 RELIANCE*-GUNVOR 78.05 SHELL*-GUNVOR 78.05 RELIANCE*-GUNVOR 78.05 RELIANCE-TOTAL* 78.00 SHELL*-PETROCHINA 78.05 RELIANCE*-GUNVOR 78.05 SHELL*-GUNVOR 78.05 SHELL-PETROCHINA* 78.00 UNIPEC*-PETROCHINA 78.10 SHELL-TRAFIGURA* 78.00 SHELL-TOTAL* 78.00 RELIANCE*-GUNVOR 78.05 SHELL-TRAFIGURA* 78.00 RELIANCE*-PETROCHINA 78.05 SHELL-PETROCHINA* 78.00 UNIPEC*-PETROCHINA 78.10 RELIANCE*-GUNVOR 78.05 RELIANCE*-PETROCHINA 78.05 SHELL-TRAFIGURA* 78.04 UNIPEC*-PETROCHINA 78.10 SHELL-TOTAL* 78.04 RELIANCE-TRAFIGURA* 78.04

PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 77.79 77.20 DME OMAN DIFF TO DUBAI 1.28 0.82 CASH DUBAI 78.05 77.75

NEWS PetroChina said on Thursday that it expects Chinese refined fuel demand to rise 3% this year from pre-COVID levels in 2019 and that of natural gas to be up 5.5% from last year, after reporting a record net profit for 2022. China's Chambroad Petrochemicals is set to start operating a refining unit in the southern province of Hainan in May to produce mainly bitumen with an aim to export the material used to pave roads, the independent refiner's chairman told Reuters. Vietnam would need investment of up to 270 trillion dong ($11.51 billion) to expand its national fuel storage system by 2030, state media reported on Friday, citing a draft plan prepared by the Ministry of Industry and Trade.

Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.

Shell has decided not to go ahead with two projects it was studying to produce biofuels and base oils in Singapore, a company spokesperson said on Thursday.

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 Jeslyn Lerh; Editing by Krishna Chandra Eluri)

florence.tan.thomsonreuters.com@reuters.net))

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-Dubai firms; Shell to deliver Oman to Total

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