Middle East Crude-Oman, Dubai premiums inch up from multi-month lows

SINGAPORE, Nov 11 (Reuters) - Spot premiums for Oman and Dubai Middle East crude benchmarks gained slightly on Wednesday, recovering from the previous session when they hit their lowest in more than three months.

Oil prices rose on Wednesday from two-month lows hit in the previous session, as the market swung between hopes for a de-escalation in the US-Israeli war on Iran and concerns about attacks on shipping in the Strait of Hormuz. O/R

Market participants have been betting on a de-escalation, even as new evidence has emerged in recent days of strikes on tankers in the Strait of Hormuz and on energy infrastructure in the Middle East.

The broader recovery of crude oil flows via the Strait of Hormuz has still kept up pressure on prices, while a slump in global freight rates also led to lower prices of competitive grades from elsewhere.

TENDER

Aramco Trading Singapore and QatarEnergy offered crude cargoes for loading starting in December in separate spot tenders, according to trade sources and documents reviewed by Reuters on Wednesday.

Aramco Trading Singapore is offering Khafji crude for loading via ship-to-ship (STS) transfers offshore Fujairah in the United Arab Emirates between December to January, with options for delivery in December-February.

The prices are based on Platts Dubai benchmarks.

Bids are due to be submitted by 2 p.m. Singapore time on Wednesday and are valid until 8 p.m. Singapore time on Wednesday.

Separately, QatarEnergy is offering al-Shaheen, Qatar Land and Qatar Marine crude grades in a tender that closes on Wednesday and is valid through the same day, according to the people and a tender document reviewed by Reuters.

Buyers can load the crude at Qatar during December or via STS transfers in the area offshore Fujairah and Sohar, Oman, from mid-December to mid-January.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 31 cents to 56 cents a barrel.

Mercuria will deliver a January-loading Oman crude cargo to Shell following the deals.

PRICES ($/BBL)

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