off-the-wire

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

Kitco Media
By Reuters
Published:
Updated:
Reuters
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)

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