Middle East Crude-Dubai leaps over $50/bbl, highest in at least eight years

Reuters
03/12
Middle East Crude-Dubai leaps over $50/bbl, highest in at least eight years

SINGAPORE, March 12 (Reuters) - Middle East crude benchmark Dubai surged on Thursday to more than $50 a barrel, the highest in at least eight years, after Iran stepped up attacks on oil and transport facilities across the Middle East.

Oman and Murban also jumped.

Explosive-laden Iranian boats appear to have attacked two fuel tankers in Iraqi waters on Wednesday, setting them ablaze and killing one crew member, after projectiles struck four vessels in Gulf waters, said port, maritime security and risk firms.

The latest attacks on ships linked to the U.S. and Europe mark an escalation in the conflict between Iran and U.S.-Israeli forces, raising the number of ships struck in the region since fighting began to at least 16.

Oil futures also rose on Thursday amid fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 13.97 cents to $51.84 a barrel.

SELLER-BUYER

PRICE ($/BBL)

CHEVRON-TOTAL

134.40

CHEVRON-PHILLIPS

134.40

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

BP-TOTAL

134.30

BP-TOTAL

134.40

CHEVRON-PHILLIPS

134.40

CHEVRON-TOTAL

134.40

BP-TOTAL

134.40

BP-MITSUI

134.30

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHENGHONG-PHILLIPS

134.40

BP-TOTAL

134.40

SHELL-TOTAL

134.40

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHELL-TOTAL

134.40

SHELL-TOTAL

134.40

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHELL-TOTAL

134.40

BP-MITSUI

134.30

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHELL-TOTAL

134.40

SHELL-TOTAL

134.40

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

BP-TOTAL

134.40

SHELL-TOTAL

134.40

SHELL-TOTAL

140.00

CHEVRON-TOTAL

134.40

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHELL-TOTAL

140.00

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHENGHONG-TOTAL

134.40

BP-TOTAL

134.40

BP-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHELL-EQUINOR

140.00

SHELL-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHELL-TOTAL

139.95

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

BP-TOTAL

134.40

SHELL-TOTAL

139.90

SHELL-TOTAL

139.90

CHEVRON-TOTAL

134.40

SHELL-TOTAL

139.90

CHEVRON-TOTAL

134.40

CHEVRON-TOTAL

134.40

SHELL-TOTAL

139.90

BP-TOTAL

134.40

SHELL-TOTAL

139.90

CHEVRON-TOTAL

134.40

SHELL-TOTAL

139.90

SHELL-TOTAL

139.90

SHELL-TOTAL

134.40

SHELL-TOTAL

139.90

SHELL-TOTAL

139.90

SHELL-TOTAL

139.90

SHELL-TOTAL

139.90

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

134.75

118.73

GME OMAN DIFF TO DUBAI

46.69

37.05

CASH DUBAI

139.90

119.55

NEWS

China has ordered an immediate ban on refined fuel exports in March in a further step to preempt a potential domestic fuel shortage caused by the U.S.-Israeli war on Iran, four sources with knowledge of the matter said on Thursday.

Iranian crude oil has continued to flow through the Strait of Hormuz at a near-normal pace even as Tehran-linked attacks on ships in the narrow waterway have decimated exports from other Gulf countries, a Reuters review of tanker tracking data showed.

The International Energy Agency on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles to combat a spike in global crude prices since the start of the U.S.-Israeli war with Iran, with the U.S. contributing the bulk of the supply.

China's smaller independent refiners are maintaining output to cash in on a surge in domestic fuel prices, but may be forced to trim runs from late April as cheap feedstocks from inventories run thin and new deliveries price in the war-induced rally, industry and trade sources said.

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 Diti Pujara)

((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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