off-the-wire

Middle East Crude-Benchmarks advance; Saudi Arabia's allocation plan in focus

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, May 8 (Reuters) - Middle East crude benchmarks started the new week on a positive note on Monday as physical trades got going after Saudi Arabia released its June official selling prices. The market will focus on the June allocation plan set by the top oil exporter later this week. The OPEC+ group announced to cut additional output from May to the rest of the year, at an aim to prop up oil prices. Meanwhile, Two cargoes of Australia's North West Shelf (NWS) condensate are scheduled to load in July, down from three cargoes in the previous month, according to trading sources on Monday. SINGAPORE CASH DEALS Cash Dubai's premium to swaps rose 8 cents to $1.69 a barrel.
Seller-Buyer Price EXXONMOBIL-PETROCHINA 76.15 GLENCORE-SHELL 76.15 EXXONMOBIL-SHELL 76.15 RELIANCE-TRAFIGURA 76.15 RELIANCE-TOTAL 76.11 GLENCORE-PETROCHINA 76.19 VITOL-SHELL 76.15 RELIANCE-PETROCHINA 76.15 VITOL-TRAFIGURA 76.15 GLENCORE-PETROCHINA 76.19 VITOL-PETROCHINA 76.18 RELIANCE-TOTAL 76.16 GLENCORE-PHILLIPS 66 76.19 VITOL-TOTAL 76.16


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 76.10 73.24 DME OMAN DIFF TO DUBAI 1.60 1.59 CASH DUBAI 76.19 73.26


ASIAN REFINERIES China's privately controlled refiner Shenghong Petrochemical has been granted a crude oil import license, according to the local government of east China's Lianyungang city, where the company is based. Vietnam's Binh Son Refining and Petrochemical will take $754 million worth of loans for a project to expand its sole oil refinery and boost its annual crude oil processing capacity by more than 1 million tonnes, the company said.


NEWS U.S. energy firms cut the most oil and natural gas rigs in a week since February, energy services firm Baker Hughes Co BKR.O said in its closely followed report on Friday. Nigerian President Muhammadu Buhari will commission the multi-billion dollar Dangote oil refinery in two weeks, a presidency spokesperson said on Sunday, setting up the plant for its first production since construction started in 2016. A fire burned for a third day on Sunday at Shell Plc's chemical plant in the Houston suburb of Deer Park, Texas, a company spokesperson said.


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 Louise Heavens)


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