SINGAPORE, Feb 6 (Reuters) - Middle East crude benchmarks Oman and Dubai rose to post the biggest weekly gains in recent months on Friday, while that of Murban declined.
Dubai market structure turned back to backwardation this week, from a contango in the previous month. Backwardation refers to prices at later months being lower than the prompt month, an indication of higher supplies in the future.
Saudi Arabia, the world's biggest oil exporter, cut the official selling price of March Arab Light crude to Asia to a more-than five-year low on Thursday, marking the fourth straight month of price cuts.
The March OSP for Arab Light crude was set at parity with the Oman/Dubai average, down from a premium of $0.30 a barrel in February, Saudi Aramco said in a statement. The March OSP is the lowest since December 2020, Reuters' data showed, although the 30-cent price cut was smaller than expected.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 14 cents to 93 cents a barrel.
PetroChina will deliver an April-loading Upper Zakum crude cargo to TotalEnergies following the deals.
SELLER-BUYER | PRICE ($/BBL) |
PETROCHINA-TOTAL | 67.75 |
PETROCHINA-HENGLI | 67.75 |
SHENGHONG-TOTAL | 67.75 |
PETROCHINA-TOTAL | 67.75 |
TRAFIGURA-HENGLI | 67.75 |
PETROCHINA-TOTAL | 67.75 |
SHENGHONG-TOTAL | 67.73 |
PHILLIPS-TOTAL | 67.75 |
PETROCHINA-TOTAL | 67.74 |
PETROCHINA-TOTAL | 67.74 |
SHELL-MERCURIA | 67.73 |
SHELL-TOTAL | 67.73 |
TRAFIGURA-TOTAL | 67.74 |
PETROCHINA-MERCURIA | 67.73 |
PETROCHINA-TOTAL | 67.74 |
PHILLIPS-TOTAL | 67.74 |
PETROCHINA-TOTAL | 67.73 |
TRAFIGURA-TOTAL | 67.74 |
PETROCHINA-MERCURIA | 67.73 |
PETROCHINA-TOTAL | 67.74 |
PETROCHINA-TOTAL | 67.73 |
SHELL-TOTAL | 67.74 |
RELIANCE-TOTAL | 67.73 |
TRAFIGURA-TOTAL | 67.74 |
PETROCHINA-TOTAL | 67.73 |
RELIANCE-TOTAL | 67.74 |
EXXONMOBIL-TOTAL | 67.74 |
PETROCHINA-TOTAL | 67.73 |
SHELL-MERCURIA | 67.74 |
TRAFIGURA-MERCURIA | 67.74 |
PETROCHINA-TOTAL | 67.74 |
SHELL-MERCURIA | 67.74 |
EXXONMOBIL-TOTAL | 67.74 |
PETROCHINA-TOTAL | 67.73 |
TRAFIGURA-MERCURIA | 67.74 |
PETROCHINA-TOTAL | 67.74 |
SHELL-EQUINOR | 67.74 |
PETROCHINA-TOTAL | 67.74 |
EXXONMOBIL-MERCURIA | 67.77 |
PETROCHINA-TOTAL | 67.73 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
GME OMAN | 67.78 | 67.56 |
GME OMAN DIFF TO DUBAI | 0.97 | 0.83 |
CASH DUBAI | 67.74 | 67.42 |
NEWS
About 2 million barrels of Venezuelan heavy crude are being sent to refineries owned by oil producer Repsol REP.MC in Spain, following purchases, the company negotiated with trading house Trafigura, according to shipping schedules seen by Reuters.
Shell SHEL.L will pause new investments in Kazakhstan due to a series of legal proceedings launched by the government against the oil major and other international companies over cost disputes, CEO Wael Sawan said.
ConocoPhillips COP.N said on Thursday it aims to cut capital and operating costs by $1 billion in 2026, after the U.S. oil and gas producer missed Wall Street estimates for fourth-quarter profit due to weaker crude prices.
Chevron is one of at least two companies vying for Lukoil’s global assets, despite the Russian energy company's initial agreement last week to sell them to U.S. private equity firm Carlyle, four sources familiar with the conversations 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 Harikrishnan Nair)
((siyi.liu@thomsonreuters.com;))