Middle East Crude-Benchmarks rise; Aramco, ADNOC to supply full volume to Asian buyers

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, April 10 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban rose on Monday as the OPEC+ group's extra output cuts and Saudi Arabia's hike of its May oil selling prices shored up market sentiment amid expectations of tighter supply in the coming months. But state oil giant Saudi Aramco has informed several North Asian buyers that it will supply full crude contract volumes loading in May. Refiners may have nominated less volume from Aramco for May cargoes due to weaker demand in the peak maintenance season and high oil prices, traders said.


The Abu Dhabi National Oil Company (ADNOC) also notified at least three buyers in Asia that it will supply full contractual volumes of crude in June, according to trade sources. For tenders, Taiwan's CPC is seeking sweet crude to be delivered during the period from September to December 2023. The tender will close on Apr. 11 and will be valid until Apr. 19.


OSP ADNOC set the May official selling price (OSP) of its benchmark Murban crude at $79.55 a barrel, the company said on Friday, down from $83.36 a barrel for April-loading cargoes. SINGAPORE CASH DEALS


Cash Dubai's premium to swaps edged up 5 cents to $1.80 a barrel.
Seller-Buyer Price PETROCHINA-VITOL 84.70 RELIANCE-VITOL 84.70 PETROCHINA-GLENCORE 84.70 PETROCHINA-GUNVOR 84.70 RELIANCE-GLENCORE 84.70 PHILLIPS 66-VITOL 84.70 PETROCHINA-GUNVOR 84.70 PETROCHINA-GLENCORE 84.70 EXXONMOBIL-VITOL 84.70 RELIANCE-GUNVOR 84.70 PETROCHINA-GLENCORE 84.70 PHILLIPS 66-VITOL 84.70 EXXONMOBIL-GLENCORE 84.70 RELIANCE-GUNVOR 84.70 RELIANCE-VITOL 84.70 PETROCHINA-GLENCORE 84.70 PETROCHINA-BP 84.73 EXXONMOBIL-GLENCORE 84.75


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 84.71 NA DME OMAN DIFF TO DUBAI 1.76 NA CASH DUBAI 84.75 84.45


NEWS U.S. and Canadian refiners have turned to North Sea Forties crude oil for the first time in seven years in the latest sign of changing global oil flows following Russia's invasion of Ukraine. Vietnam's state oil firm PetroVietnam said on Monday its crude oil output was 2.6 million tonnes in the first quarter this year, 12.6% above its target. Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products, as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns.


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 Jan Harvey)


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 ))
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.