Middle East Crude-Benchmarks extend gains on tight supply, demand resumption prospects

Kitco Media
By Reuters
Published:
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Reuters
SINGAPORE, April 11 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban extended gains on Tuesday, supported by expectations of tight supply and stronger demand after refineries finish overhauls in June. In tenders, Sri Lanka's Ceylon Petroleum Corp is seeking 700,000 barrels of Murban crude for late July delivery. The tender is due to close on April 17.


OSP Qatar set the May official selling price (OSP) for its Marine crude at $1 per barrel over the average of Oman/Dubai quotes and Land crude at $1.4 per barrel over the quotes. ASIAN REFINERIES Two Chinese polyester fibre makers are seeking Beijing's approval to build a $10 billion refinery and petrochemical complex in Indonesia, sources with direct knowledge of the matter told Reuters. East China-based Tongkun Group and Xinfengming Group are planning a refinery-petrochemical complex in North Kalimantan province on Borneo Island to produce feedstocks for chemical fiber, three sources said. SINGAPORE CASH DEALS


Cash Dubai's premium to swaps rose 23 cents to $2.03 a barrel.
Seller-Buyer Price RELIANCE-VITOL 84.45 PHILLIPS 66-VITOL 84.45 RELIANCE-VITOL 84.45 PHILLIPS 66-VITOL 84.45 PETROCHINA-VITOL 84.45 RELIANCE-VITOL 84.45 RELIANCE-VITOL 84.45 PHILLIPS 66-VITOL 84.45 EXXONMOBIL-BP 84.45 PETROCHINA-VITOL 84.50 RELIANCE-GUNVOR 84.45 UNIPEC-VITOL 84.60 PETROCHINA-VITOL 84.50 UNIPEC-VITOL 84.60


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 84.54 84.71 DME OMAN DIFF TO DUBAI 1.97 1.76 CASH DUBAI 84.60 84.75


NEWS Russia has increased its diesel exports to Brazil and other parts of Latin America following an embargo on shipments to Europe, traders said and Refinitiv Eikon data showed. India's fuel consumption jumped to a record high in March, data showed on Monday, fuelled by robust economic activity in the world's third-biggest oil consumer. India remains the main destination for Russia's seaborne Urals oil, with about 70% of such exports heading to the country, Reuters monitoring and data from two industry sources showed on Monday.


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 Devika Syamnath)


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