off-the-wire

Middle East Crude-Benchmarks drop; OPEC output falls in April

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, May 3 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban fell on Wednesday, tracking global benchmarks Brent and WTI, as the market worried the tightening monetary policy in the U.S. and Europe would dent oil demand. The Federal Reserve is expected to hike interest rates by an additional 25 basis points on Wednesday to combat inflation, while the European Central Bank is also expected to raise rates at its regular policy meeting on Thursday. The spread between Brent- and Dubai-pegged crude narrowed to $1.95 a barrel on Wednesday from $2.02 in the previous session, indicating weaker demand in the West of Suez market. A narrower spread could make crude from Atlantic Basin more attractive to Asian buyers.


OPEC OPEC oil output fell in April due to a halt in some of Iraq's exports and delays to Nigerian shipments, a Reuters survey found on Tuesday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 28.62 million barrels per day (bpd) last month, the survey found, down 190,000 bpd from March. Output is down more than 1 million bpd from September. SINGAPORE CASH DEALS Cash Dubai's premium to swaps dropped 11 cents to $1.49 a barrel.
Seller-Buyer Price BP-SHELL 73.70 VITOL-TRAFIGURA 73.70 BP-SHELL 73.70 VITOL-SHELL 73.70 VITOL-TRAFIGURA 73.65 VITOL-SHELL 73.65 VITOL-TOTAL 73.60 BP-TRAFIGURA 73.60 BP-SHELL 73.60 EXXONMOBIL-PETROCHINA 73.60 RELIANCE-TOTAL 73.59 EXXONMOBIL-PETROCHINA 73.60 RELIANCE-TOTAL 73.59 RELIANCE-TOTAL 73.63 BP-SHELL 73.62


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 73.57 78.55 DME OMAN DIFF TO DUBAI 1.43 1.55 CASH DUBAI 73.63 78.60


NEWS India slightly decreased its Urals oil buying in April compared to record imports in March, while China increased its share of the Urals market, Refinitiv Eikon data showed and traders said. U.S. crude oil stockpiles likely fell for a third straight week, while gasoline and distillate inventories were also seen down last week, an extended Reuters poll showed on Tuesday. A second oil tanker in a week was seized by Iran on Wednesday in Gulf waters, the U.S. Navy said, the latest escalation in a series of seizures or attacks on commercial vessels in Gulf waters since 2019.


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 Shweta Agarwal)


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