Middle East Crude-Benchmarks steady; Saudi allocation awaits

Reuters
Feb 10
Middle East Crude-Benchmarks steady; Saudi allocation awaits

SINGAPORE, Feb 10 (Reuters) - Middle East crude benchmarks held steady on Tuesday, supported by better demand outlook with refiners in India buying replacement for Russian oil.

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.

Indian state refiner Bharat Petroleum BPCL.NS bought two million barrels of Oman and al-Shaheen crude from Vitol, traders said on Tuesday.

Price of the oil to be delivered in April to early-May was at a premium of about $2 per barrel to April Dubai price, they said.

Mangalore Refinery and Petrochemicals Ltd MRPL.NS on Monday also issued a tender seeking for one to two million barrels of oil.

Market was also awaiting for Saudi's March allocation to Asia, an indication of demand, after state-owned company Saudi Aramco cut the Arab Light crude price to Asia for a fourth straight month.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 3 cents to 77 cents a barrel.

Trafigura and PetroChina will each deliver a April-loading Upper Zakum crude cargo to TotalEnergies following the deals.

SELLER-BUYER

PRICE ($/BBL)

TRAFIGURA-TOTAL

68.01

SHELL-MERCURIA

68.00

TRAFIGURA-TOTAL

68.00

SHENGHONG-TOTAL

67.95

PETROCHINA-MERCURIA

68.00

TRAFIGURA-MERCURIA

68.00

PETROCHINA-MERCURIA

68.00

SHELL-MERCURIA

68.00

PETROCHINA-MERCURIA

68.00

SHELL-TOTAL

68.00

PETROCHINA-MERCURIA

68.00

PHILLIPS-MERCURIA

68.00

PETROCHINA-TOTAL

68.00

TRAFIGURA-MERCURIA

68.00

EXXONMOBIL-TOTAL

68.00

TRAFIGURA-MERCURIA

68.00

RELIANCE-TOTAL

68.00

TRAFIGURA-MERCURIA

68.00

SHELL-TOTAL

68.00

SHELL-TOTAL

68.00

PETROCHINA-MERCURIA

68.00

TRAFIGURA-MERCURIA

68.00

PHILLIPS 66-TOTAL

68.00

SHELL-HENGLI

67.90

TRAFIGURA-MERCURIA

68.00

EXXONMOBIL-TOTAL

68.00

PETROCHINA-MERCURIA

68.00

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

68

66.77

GME OMAN DIFF TO DUBAI

0.77

0.78

CASH DUBAI

68

66.79

NEWS

BP BP.L posted quarterly profit in line with analyst expectations on Tuesday and suspended its share buyback programme as it wrote down around $4 billion in its renewables and biogas businesses.

Venezuela's state oil company PDVSA has reversed most output cuts at its own oilfields and joint ventures in the Orinoco Belt, the country's main crude region, boosting total output close to 1 million barrels per day (bpd), sources close to operations said.

Russian oil tankers are increasingly listing Singapore as their official destination, signalling a shift in export flows from India to China and growing concerns over Western sanctions, traders said and LSEG shipping data shows.

The European Union has proposed extending its sanctions against Russia to include ports in Georgia and Indonesia that handle Russian oil, the first time the bloc would target ports in third countries, a proposal document showed on Monday.

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 Tasim Zahid)

((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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