Middle East Crude-Benchmarks edge higher; Brent-Dubai flips to discount

Reuters
19 Mar
Middle East Crude-Benchmarks edge higher; Brent-Dubai flips to discount

SINGAPORE, March 19 (Reuters) - Middle East crude benchmarks Oman and Dubai edged higher on Wednesday while Brent crude futures flipped to a discount against Dubai swaps, the first time since November 2023, LSEG data showed.

The Brent-Dubai Exchange of Futures for Swaps (EFS) DUB-EFS-1M was assessed at minus 2 cents a barrel at Wednesday's market close at 0430 GMT, LSEG data showed.

The discount has since widened further to 14 cents a barrel, two trade sources said. Sweet, or low-sulphur oil, is typically more expensive than those with higher sulphur content as they are easier to process.

Brent's weakness against Dubai has opened up arbitrage opportunities for sweet crude produced in the Atlantic Basin to head to Asia, another trader said.

The price spreads between dated Brent and Dubai are also in discounts for April to June contracts, he added.

RUSSIAN CRUDE

A ship carrying Russian crude transferred from three smaller tankers that are under U.S. sanctions unloaded last week at a Chinese port, shiptracking data shows, ending an unusual month-long voyage highlighting the efforts of producers and traders to keep Moscow's oil flowing despite tightened curbs.

The Panama-flagged Daban, one of dozens of non-sanctioned vessels drawn to the Russian oil trade by fat margins following the January 10 U.S. sanctions, was received at a berth run by the privately controlled Qingdao Haiye Group at the port of Qingdao, two people familiar with the matter said.

The Daban transferred oil from Aframax-sized tankers Vladimir Arsenyev on February 3, Captain Kostichev on February 9 and Victor Konetsky on February 10 at Nakhoda Bay in Russian territorial waters, according to tanker tracker Kpler. The three vessels came under U.S. sanctions on January 10.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 2 cents to $1.58 a barrel.

PetroChina will deliver a May-loading Murban crude cargo to Vitol following the deals.

SELLER-BUYER

PRICE ($/BBL)

PHILLIPS 66-VITOL

71.90

RELIANCE-VITOL

71.90

PHILLIPS 66-VITOL

71.90

RELIANCE-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

RELIANCE-ADNOC

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

BP-ADNOC

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

PETROCHINA-VITOL

71.90

BP-VITOL

71.90

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

71.95

73.09

GME OMAN DIFF TO DUBAI

1.63

1.60

CASH DUBAI

71.90

73.05

NEWS

Russian President Vladimir Putin agreed on Tuesday to stop attacking Ukrainian energy facilities temporarily but declined to endorse a full 30-day ceasefire that President Donald Trump hoped would be the first step toward a permanent peace deal.

Sales of marine fuel at top global refuelling ports are slowing at the start of this year as the shipping sector grapples with uncertainty over geopolitics and the impact of escalating tariffs on global trade, industry sources said.

Eni ENI.MI has agreed to sell stakes in upstream assets in Ivory Coast and the Republic of the Congo to global energy trader Vitol, the Italian energy group said on Wednesday.

Iraqi naval forces have seized an unidentified ship in Iraqi territorial waters in the Gulf suspected of smuggling fuel, the naval forces said in a statement.

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 Shreya Biswas)

((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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