Middle East Crude-Benchmarks gain; post monthly decline as ample supply weighs

By Reuters News12 hours ago Updated

SINGAPORE, Oct 30 (Reuters) - Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban climbed on Friday, as oil futures jumped with more attacks in the Middle East and dashing hopes of a quick fix of the war.

Oil prices rose on Friday and were on track for a fourth monthly gain as traders braced for a potential escalation in the US-Iran conflict after US midterm elections, with an attack on a tanker in the Strait of Hormuz highlighting supply risks from the war. O/R

Analysts have raised their 2026 oil price view, pushing the Brent forecast above $90 a barrel for the first time since May as disruptions to Middle East energy flows persist, tempering expectations of regional stability and underpinning prices.

For this month, spot premiums for the grades posted sharp declines as Gulf producers aggressively cut prices to compete for market share, while some refiners refrained from strong buying due to soaring freight rates.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose $1.63 to $7.05 a barrel.

Mercuria and Centalion will each deliver a December-loading Murban crude to Trafigura following the deals.

For this month, Trafigura bought 24 cargoes or 12 million barrels Murban and Oman crude, while Unipec sold 9 cargoes or 4.5 million barrels crude.

SELLER-BUYER	PRICE ($/BBL)
MITSUI*-TRAFIGURA	118.30
MITSUI-TRAFIGURA*	118.30
BP*-TRAFIGURA	118.40
UNIPEC*-TRAFIGURA	118.40
GLENCORE*-TRAFIGURA	118.40
MITSUI*-TRAFIGURA	118.40
BP*-TRAFIGURA	118.40
UNIPEC*-TRAFIGURA	118.40
MITSUI*-EXXONMOBIL	118.40
UNIPEC*-TRAFIGURA	118.45
CENTALION*-TRAFIGURA	118.50
MITSUI*-TRAFIGURA	118.50
BP*-TRAFIGURA	118.50
UNIPEC-TRAFIGURA*	118.45
GLENCORE*-TRAFIGURA	118.55
CENTALION-TRAFIGURA*	118.50
BP*-TRAFIGURA	118.50
UNIPEC*-TRAFIGURA	118.55
GLENCORE*-TRAFIGURA	118.55
CENTALION*-TRAFIGURA	118.55
MITSUI*-TRAFIGURA	118.60
MERCURIA*-TRAFIGURA	118.70
UNIPEC*-EXXONMOBIL	118.55
CENTALION*-TRAFIGURA	118.55
GLENCORE*-TRAFIGURA	118.55
MITSUI*-TRAFIGURA	118.60
UNIPEC*-TRAFIGURA	118.55
BP*-TRAFIGURA	118.60
UNIPEC*-TRAFIGURA	118.55
MERCURIA-TRAFIGURA*	118.59
MERCURIA-TRAFIGURA*	118.54
GLENCORE*-TRAFIGURA	118.60
MERCURIA-TRAFIGURA*	118.59
UNIPEC*-TRAFIGURA	118.60
MERCURIA-TRAFIGURA*	118.59
MERCURIA-TRAFIGURA*	118.59
UNIPEC*-TRAFIGURA	118.60
MERCURIA-TRAFIGURA*	118.55
MERCURIA-TRAFIGURA*	118.55
BP*-TRAFIGURA	118.60
MITSUI*-TRAFIGURA	118.60
GLENCORE*-TRAFIGURA	118.70
UNIPEC*-TRAFIGURA	118.70
BP*-TRAFIGURA	118.60
MITSUI*-TRAFIGURA	118.65
MITSUI*-TRAFIGURA	119.10
UNIPEC*-TRAFIGURA	118.70
GLENCORE*-TRAFIGURA	118.70
BP*-TRAFIGURA	118.60
UNIPEC*-TRAFIGURA	118.70
UNIPEC*-TRAFIGURA	118.70
BP*-PETROCHINA	118.70
MITSUI*-TRAFIGURA	118.90
BP*-TRAFIGURA	118.70
UNIPEC*-TRAFIGURA	118.70
BP*-PETROCHINA	118.70

PRICES ($/BBL)

	CURRENT	PREV SESSION
GME OMAN	116.32	112.83
GME OMAN DIFF TO DUBAI	4.67	3.95
CASH DUBAI	118.70	114.30

NEWS

Tax advantages and high energy prices will drive further consolidation in Britain's North Sea oil and gas fields after a flurry of deals this year, 11 industry analysts and bankers said.

BP BP.L posted third-quarter underlying replacement cost profit, its version of net income, of $8.46 billion on Friday, compared with expectations of $7.33 billion in a company-provided poll of analysts and $2.2 billion a year ago.

US oil firms ExxonMobil XOM.N and Chevron CVX.N have cancelled plans for their executives to travel to the United Arab Emirates' biggest oil show next week, citing security concerns, two sources familiar with the developments told Reuters.

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

Brent
Dubai
GME Oman
Brent/Dubai EFS

PRODUCT CRACKS
Fuel oil crack
Gasoil crack
Naphtha crack
Gasoline crack
Complex refining margins