SINGAPORE, Jan 7 (Reuters) - Middle East crude benchmark spot discounts of Oman and Dubai narrowed on Wednesday, gaining after a five-day streak of losses, although trading activity was light.
Spot premium of Murban gained for a second session on Wednesday.
Ample supplies and some unsold February oil continued to weigh on the Middle East market, reflected by strength in Brent's Exchange Futures for Swaps (EFS) to Dubai for March traded this week. It settled at $1.41 per barrel, the highest since July.
Oil prices fell on Wednesday after President Donald Trump said the United States had reached a deal to import up to $2 billion worth of Venezuelan crude, a move that is expected to increase supplies to the world's largest oil consumer. O/R
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 12 cents to -53 cents a barrel.
SELLER-BUYER | PRICE ($/BBL) |
VITOL-TRAFIGURA | 58.30 |
EQUINOR-SHELL | 58.35 |
VITOL-MERCURIA | 58.30 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
GME OMAN | 58.60 | 59.67 |
GME OMAN DIFF TO DUBAI | -0.23 | -0.38 |
CASH DUBAI | 58.30 | 59.40 |
NEWS
A full-scale resumption of Venezuelan oil exports would benefit refiners in the United States and lower their fuel production costs, with the refineries capable of absorbing most of the roughly 1 million barrels per day of crude if U.S. sanctions on the South American country are removed.
Chevron CVX.N and private equity group Quantum Energy Partners are teaming up on a bid to buy the international assets of Russian oil major Lukoil LKOH.MM, which are valued at $22 billion, the Financial Times reported on Wednesday.
Refiner Phillips 66 PSX.N can run Venezuelan crude at two U.S. Gulf Coast refineries as production ramps up, Chief Financial Officer Kevin Mitchell said on a conference call on Tuesday.
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 Devika Syamnath)
((siyi.liu@thomsonreuters.com;))
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