Middle East Crude-Benchmarks steady amid thin trading, more Hormuz flow weighs

By Reuters News

SINGAPORE, Oct 5 (Reuters) - Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban moved little on Monday amid light trading despite increased supplies pressuring the market.

Middle East oil exports exceeded pre-war levels in September, shipping data from Kpler and Vortexa showed on Monday, as Gulf producers ramped up cargoes despite attacks on vessels crossing the Strait of Hormuz.

Meanwhile, Saudi Arabia unexpectedly cut its oil prices for sale to Asia in November to six-year lows while raising them for Northwest Europe and the Mediterranean, a pricing document showed on Monday.

Oil prices inched higher in volatile trade on Monday after crude exports from the Middle East increased and the Group of Seven nations pledged to boost supplies, although concerns about ongoing disruption linked to the US-Israeli war on Iran limited selling. O/R


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 30 cents to $13.86 a barrel.

SELLER-BUYER

PRICE ($/BBL)

UNIPEC-TRAFIGURA*

110.20

BP-TRAFIGURA*

109.90

UNIPEC*-BP

109.71



PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

110.24

108.33

GME OMAN DIFF TO DUBAI

14.39

14.09

CASH DUBAI

109.71

108.40


NEWS

The squeeze on supplies of crude oil and refined fuels is set to worsen, and refilling global stockpiles for emergencies might take two years, Saudi Aramco 2222.SE CEO Amin Nasser said at the Energy Intelligence conference in London on Monday.

Price reporting agency Platts said on Monday that it would consider market information submitted by ADNOC Trading Asia in its price assessment processes for physical Asia crude cargoes and partials.

OPEC+ agreed to keep oil production targets steady for November at a meeting on Sunday, the producer group said, in line with expectations that further output policy adjustments are unlikely until next year.

A framework for Saudi Arabia and the UAE to cooperate with Asian countries on oil stockpiling is set to be launched, with Japan supporting the initiative through financial assistance and stockpiling expertise, the Nikkei business daily said on Monday.


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

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