Middle East Crude-Benchmarks slide further as oil prices fall

Reuters
30 Apr
Middle East Crude-Benchmarks slide further as oil prices fall

SINGAPORE, April 30 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban fell further on Wednesday as oil prices extended declines to the lowest level in over two weeks.

Both Brent and WTI were set for their largest monthly drop in almost three and a half years as the global trade war eroded the outlook for fuel demand, while concerns over mounting supply also weighed.

Meanwhile, the official selling price $(OSP.AU)$ for Oman crude in June will fall by $4.64 to $67.87 a barrel, Reuters calculations based on data from the Gulf Mercantile Exchange $(GME)$ showed on Wednesday.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 15 cents to $0.77 a barrel.

BP will deliver a June-loading Upper Zakum crude cargo to Vitol following the deals.

For April, PetroChina sold 30 cargoes, or 15 million barrels. Vitol bought 22 cargoes, or 11 million barrels.

SELLER-BUYER

PRICE ($/BBL)

BP-VITOL

62.25

BP-PHILLIPS 66

62.30

BP-VITOL

62.25

BP-PHILLIPS 66

62.30

BP-PETROCHINA

62.25

BP-VITOL

62.25

BP-VITOL

62.25

RELIANCE-GUNVOR

62.45

RELIANCE-VITOL

62.45

RELIANCE-GUNVOR

62.45

RELIANCE-GUNVOR

62.45

RELIANCE-VITOL

62.45

RELIANCE-GUNVOR

62.45

RELIANCE-VITOL

62.45

RELIANCE-GUNVOR

62.50

RELIANCE-GUNVOR

62.50

RELIANCE-VITOL

62.50

RELIANCE-GUNVOR

62.50

RELIANCE-GUNVOR

62.50

RELIANCE-GUNVOR

62.50

PETROCHINA-VITOL

62.55

PETROCHINA-VITOL

62.55

RELIANCE-VITOL

62.55

PETROCHINA-PHILLIPS 66

62.55

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

62.19

65.30

GME OMAN DIFF TO DUBAI

0.41

1.22

CASH DUBAI

62.55

65.00

REFINERY

SK Innovation Co Ltd 096770.KS, owner of South Korea's biggest oil refiner SK Energy, swung to an unexpected operating loss in the first quarter on weaker oil prices, but forecast a recovery in refining margins in the second quarter.

NEWS

French oil major TotalEnergies TTEF.PA reported an 18% drop in adjusted net income for the first quarter to $4.2 billion, slightly short of expectations, as debt rose and earnings fell across all business segments except liquefied natural gas.

Kazakhstan oil production was again above its OPEC+ quota this month, although it fell 3% from the March average, according to an industry source familiar with the statistics, and Reuters calculations.

U.S. crude oil inventories rose last week while gasoline and distillate stocks fell, market sources said, citing American Petroleum Institute figures on Tuesday.

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 Sahal Muhammed)

((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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