Middle East Crude-Dubai firms on demand from Total, Mercuria

Reuters
02/19
Middle East Crude-Dubai firms on demand from Total, Mercuria

SINGAPORE, Feb 19 (Reuters) - Middle East crude benchmark Dubai climbed for a fifth session on Thursday, supported by firm demand from TotalEnergies and Mercuria.

Both companies snapped up a total of 106 Dubai partials on Thursday, which led to the delivery of three cargoes to the French major and one for the European trading house.

Singapore oil markets were closed on Tuesday and Wednesday for the Lunar New Year holidays.

India's MRPL issued a tender seeking up to 2 million barrels of crude. The tender will close on February 18. In its previous tender, the refiner bought Kissange and Mostarda crude from ExxonMobil, a trader said.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps was at $1.09 a barrel, 5 cents higher than Monday's close.

Shell will deliver an April-loading Upper Zakum crude cargo each to Mercuria and TotalEnergies, while the French major will also receive an Oman cargo from Vitol following the deals. Phillips66 will deliver an April-loading Dubai cargo to TotalEnergies.

PRICES ($/BBL)

CURRENT

PREV SESSION (Monday)

GME OMAN

70.12

66.66

GME OMAN DIFF TO DUBAI

1.06

NA

CASH DUBAI

70.15

67.05

NEWS

Russian crude shipments in January made up the smallest portion of India's oil imports since late 2022, according to data from industry sources, while Middle Eastern supplies rose to their highest share over the same period.

China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data.

U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron CVX.N, according to sources familiar with the efforts.

Global oil firms and traders including Vitol, Trafigura and TotalEnergies have won tenders to supply Libya with gasoline and diesel as the country grants large Western players wider access and reduces imports of Russian fuel, three trading sources told Reuters.

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 Shailesh Kuber)

((Florence.Tan@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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