Middle East Crude-Dubai slips; Aramco sells Jafurah condensate

Reuters
Yesterday
Middle East Crude-Dubai slips; Aramco sells Jafurah condensate

SINGAPORE, Feb 23 (Reuters) - Middle East crude benchmark Dubai slipped for a second straight session on Monday despite a flurry of trades that led to the delivery of nine cargoes to TotalEnergies and Mercuria.

JAFURAH CONDENSATE

Saudi Aramco has sold several cargoes of ultra-light crude oil from its $100 billion Jafurah gas plant to U.S. majors and an Indian refiner as it prepares to export its first cargo later this month, four trade sources said.

Chevron has bought two Jafurah condensate cargoes for loading later this month and in March, while Exxon Mobil Corp and Indian Oil Corp purchased cargoes to be lifted next month, the sources said.

The cargoes were sold at premiums of $2 to $3 a barrel to Dubai quotes on a free-on-board basis, they added.

Chevron's first cargo is likely to go to its South Korean joint-venture refiner GS Caltex, while the second could head to Thailand for Star Petroleum Refining, two of the sources said.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 11 cents to 91 cents a barrel.

Total received one April-loading Upper Zakum crude cargo from Shenghong, Trafigura and Shell and one Oman crude cargo from Vitol and Shell. This brings the overall deliveries to Total to 20 so far this month.

Mercuria received one Upper Zakum crude cargo from PetroChina, Shell, Trafigura and Vitol, bringing its total tally to eight this month.

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

69.96

70.63

GME OMAN DIFF TO DUBAI

0.84

0.95

CASH DUBAI

70.03

70.70

REFINERY

Australia's top fuel retailer Ampol ALD.AX reported a sharp drop in January refining margins on Monday, sending its shares to a more than six-month low, even as annual profit came in slightly ahead of market expectations.

NEWS

Iran has indicated it is prepared to make concessions on its nuclear programme in talks with the U.S. in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a U.S. attack.

Indonesian state oil and gas firm Pertamina said on Friday that energy product imports from the U.S. will still be conducted through a bidding process following the conclusion of a trade deal between the two countries.

Russia's seaborne export of oil products is expected to fall 10% in February from the prior month as unplanned refinery outages and harsh weather conditions at key ports slow fuel loadings, data from market sources and LSEG showed.

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 Florence Tan; Editing by Vijay Kishore)

((Florence.Tan@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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