Middle East Crude-Oman, Dubai jump to record highs; Murban falls

Reuters
03/16
Middle East Crude-Oman, Dubai jump to record highs; Murban falls

SINGAPORE, March 16 (Reuters) - Middle East crude benchmarks Oman and Dubai jumped to record highs on Monday amid supply disruptions from the Middle East war, while Murban fell for a second trading session.

Oil prices rose on Monday as the U.S.-Israeli war on Iran continued to disrupt oil production and shipping in the Middle East, despite U.S. President Donald Trump's call for global efforts to secure the vital Strait of Hormuz. O/R

Oil loading operations have been suspended at the United Arab Emirates port of Fujairah, two sources told Reuters on Monday, after a drone attack sparked a fire in the emirate's petroleum industrial zone.

Fujairah, located on the Gulf of Oman just outside the Strait of Hormuz, is typically a critical exit point for about 1 million barrels per day of the UAE's Murban crude - a volume equivalent to roughly 1% of global demand.

Civil defense teams are currently working to control the blaze, the Fujairah government media office said in a statement, adding that no casualties have been reported.

The suspension marks the second major disruption at the vital bunkering hub in recent days. Operations at Fujairah had resumed on Sunday following a separate drone strike over the weekend.

The attacks come as the ongoing U.S.-Israeli war with Iran strangles shipping through the Strait of Hormuz, a narrow waterway between Iran and Oman that normally handles a fifth of the world's oil supply.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose $5.31 to $56.01 a barrel.

Shell will deliver a May-loading Murban crude cargo to TotalEnergies following the deals.

SELLER-BUYER

PRICE ($/BBL)

BP-TOTAL

152.85

UNIPEC-TOTAL

152.90

VITOL-TOTAL

152.95

PHILLIPS 66-TOTAL

152.95

VITOL-TOTAL

153.00

VITOL-EQUINOR

152.95

UNIPEC-MITSUI

152.95

PHILLIPS 66-TOTAL

152.94

SHELL-TOTAL

153.00

PHILLIPS 66-TOTAL

153.00

VITOL-EQUINOR

153.10

VITOL-MITSUI

153.10

SHELL-TOTAL

153.10

UNIPEC-TOTAL

153.19

VITOL-MITSUI

153.20

SHENGHONG-TOTAL

153.24

SHELL-MITSUI

153.23

SHELL-TOTAL

153.24

VITOL-MITSUI

153.23

SHENGHONG-MITSUI

153.21

PHILLIPS 66-TOTAL

153.24

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

147.79

144.36

GME OMAN DIFF TO DUBAI

50.57

49.56

CASH DUBAI

153.23

145.50

NEWS

Dubai's international airport was gradually resuming flights on Monday after a fuel tank fire caused by a drone attack forced a temporary suspension, spotlighting the challenge for regional carriers grappling with the Middle East crisis.

U.S. President Donald Trump's demands for a coalition to help reopen the Strait of Hormuz appeared to fall on deaf ears on Monday as allies Japan and Australia said they were not planning to send navy vessels to the Middle East to escort ships through the vital waterway.

China's crude oil throughput in January and February rose 1.9% compared to the same period last year, official data showed on Monday, supported by higher refinery operating rates.

Marine fuel sales in Singapore softened in February after two months of strong seasonal volumes, according to the latest data from the Maritime and Port Authority of Singapore $(MPA)$, while trade sources said demand has strengthened in the first half of March.

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 Siyi Liu in Singapore; Editing by Sonia Cheema)

((siyi.liu@thomsonreuters.com;))

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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