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