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;))
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