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;))
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