Middle East Crude-Benchmarks rise; Vitol takes two more Upper Zakum cargoes

Reuters
03-13
Middle East Crude-Benchmarks rise; Vitol takes two more Upper Zakum cargoes

SINGAPORE, March 13 (Reuters) - Middle East crude benchmarks Oman and Dubai rose on Thursday after Vitol received another two Upper Zakum cargoes, bringing its tally this month to 10 cargoes.

PetroChina has delivered nine cargoes to Vitol so far, and the remaining one is from Hengli Petrochemical, trade sources said, following deals on the Dubai window.

Meanwhile traders are awaiting results of QatarEnergy's tenders. The producer is offering five al-Shaheen crude cargoes for loading on May 1-2, 14-15, 15-16, 27-28 and 28-29.

For regional grades, PV Oil has awarded two Rang Dong crude cargoes for May loading to the Binh Son refinery while a tender to sell one cargo of Chim Sao crude is under way.

RUSSIAN CRUDE

India's Russian oil imports recovered in March, returning to near usual levels after a three-month decline, as non-sanctioned vessels were delivering cargoes, while some supplies were diverted from Turkey, according to five trade sources and shipping data.

In March, India's imports of Russian oil, mainly Urals crude, are back at 1.54 million barrels per day (bpd), after falling to 1.1 million to 1.2 million bpd in the previous three months due to concerns about sanctions, data from analytics firm Kpler showed.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 19 cents to $1.34 a barrel.

SELLER-BUYER

PRICE ($/BBL)

PETROCHINA-VITOL

72.05

RELIANCE-VITOL

72.05

HENGLI-VITOL

72.05

TRAFIGURA-VITOL

72.05

PETROCHINA-VITOL

72.05

PHILLIPS 66-VITOL

72.05

TRAFIGURA-VITOL

72.05

HENGLI-ADNOC

72.00

RELIANCE-VITOL

72.05

PETROCHINA-VITOL

72.05

PETROCHINA-VITOL

72.05

PETROCHINA-VITOL

72.05

HENGLI-VITOL

72.05

PETROCHINA-VITOL

72.05

HENGLI-VITOL

72.05

RELIANCE-VITOL

72.05

PETROCHINA-VITOL

72.05

HENGLI-VITOL

72.05

PETROCHINA-VITOL

72.05

HENGLI-VITOL

72.05

PETROCHINA-VITOL

72.05

TRAFIGURA-VITOL

72.05

HENGLI-VITOL

72.05

PETROCHINA-VITOL

72.05

PHILLIPS 66-VITOL

72.05

PETROCHINA-VITOL

72.05

PETROCHINA-VITOL

72.05

PETROCHINA-VITOL

72.06

PETROCHINA-VITOL

72.06

RELIANCE-ADNOC

72.05

TRAFIGURA-VITOL

72.06

PETROCHINA-VITOL

72.06

RELIANCE-VITOL

72.06

PETROCHINA-VITOL

72.06

PHILLIPS 66-ADNOC

72.08

PETROCHINA-VITOL

72.06

PETROCHINA-VITOL

72.06

RELIANCE-ADNOC

72.08

PETROCHINA-VITOL

72.06

RELIANCE-VITOL

72.06

RELIANCE-ADNOC

72.08

PETROCHINA-VITOL

72.06

PETROCHINA-VITOL

72.06

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

72.14

70.68

GME OMAN DIFF TO DUBAI

1.42

1.18

CASH DUBAI

72.06

70.65

REFINERIES

Russia's offline primary oil refining capacity in March was revised up 49.7% from the initial plan for this month to 2.96 million metric tons, according to Reuters calculations based on data from industry sources, amid drone attacks.

NEWS

OPEC said on Wednesday that Kazakhstan led a sizeable jump in February crude output by the wider OPEC+, highlighting a challenge for the producer group in enforcing adherence to agreed output targets.

Kazakhstan will quickly adjust its oil output in order to get back in line with its OPEC+ quota after exceeding the limit in February, the Energy Ministry said on Wednesday.

Canada could impose non-tariff measures such as restricting its oil exports to the United States or levying export duties on products if a trade dispute with the U.S. escalates further, Canada's energy minister Jonathan Wilkinson said on Tuesday.

U.S. crude oil stockpiles rose and fuel inventories fell last week as seasonal refinery maintenance season ticked along, the Energy Information Administration $(EIA)$ said on Wednesday.

Vopak VOPA.AS on Thursday doubled the investment target for growing its gas and industrial footprint, committing another 1 billion euros ($1.1 billion) into it through 2030.

Venezuela's opposition has drafted a broad proposal for energy sector reform that would allow participation of international companies, a bid to attract support from Big Oil and from U.S. President Donald Trump's administration, according to sources and a summary of the proposal seen by Reuters.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

GME Oman

OQc1

Brent/Dubai EFS

DUB-EFS-1M

PRODUCT CRACKS

Fuel oil crack

FO180SGCKMc1

Gasoil crack

GO10SGCKMc1

Naphtha crack

NAF-SIN-CRK

Gasoline crack

GL92-SIN-CRK

Complex refining margins

REF/MARGIN1

(Reporting by Florence Tan; Editing by Shailesh Kuber)

((Florence.Tan@thomsonreuters.com; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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