SINGAPORE, Feb 24 (Reuters) - Middle East crude benchmark Dubai recovered on Tuesday, supported by bids from TotalEnergies.
In tenders, Thailand's PTT has bought a cargo of Das crude each from Glencore and TotalEnergies at premiums of around $1.50 a barrel to Dubai quotes, trade sources said.
SHIPPING
The cost of shipping oil has surged to the highest in six years, fuelled by a wave of crude exports from the Middle East as traders accelerate charters ahead of possible military conflict between the U.S. and Iran, industry sources said.
The cost of hiring a very large crude carrier to carry up to 2 million barrels from the Middle East to China has more than tripled from the start of the year to over $170,000 a day on Tuesday, the highest since April 2020, LSEG data showed. DFRT-ME-CN
Middle East crude exports in February exceeded 19 million barrels per day, the highest since April 2020, data from shipping analytics firm Kpler showed, led by Saudi Arabia, the United Arab Emirates and Iran and as India's demand rose after it cut Russian imports.
"VLCC freight rates have seen many positive fundamental drivers, starting with Venezuela barrels moving on legitimate freight vs a dark fleet before, increased OPEC+ production and healthy crude demand from refineries, particularly from India, which has moved from Russian to Middle Eastern barrels," said June Goh, a senior analyst at Sparta Commodities.
"Suezmax and Aframax markets will soon receive the spillover effects in the dirty freight market," she said, referring to crude and fuel oil transported in smaller tankers than VLCCs.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 14 cents to $1.05 a barrel.
Phillips 66 will deliver an April-loading Upper Zakum crude cargo to TotalEnergies following the deals, bringing the French major's tally to 21 cargoes so far this month.
SELLER-BUYER | PRICE ($/BBL) |
PHILLIPS 66-TOTAL | 70.40 |
TRAFIGURA-TOTAL | 70.40 |
PHILLIPS 66-TOTAL | 70.40 |
TRAFIGURA-TOTAL | 70.40 |
PHILLIPS 66-TOTAL | 70.40 |
PHILLIPS 66-TOTAL | 70.40 |
PHILLIPS 66-TOTAL | 70.40 |
PHILLIPS 66-TOTAL | 70.40 |
PHILLIPS 66-TOTAL | 70.40 |
PHILLIPS 66-TOTAL | 70.43 |
PHILLIPS 66-TOTAL | 70.42 |
PHILLIPS 66-TOTAL | 70.43 |
PHILLIPS 66-TOTAL | 70.43 |
PHILLIPS 66-TOTAL | 70.43 |
VITOL-TOTAL | 70.43 |
VITOL-TOTAL | 70.43 |
TRAFIGURA-TOTAL | 70.43 |
VITOL-TOTAL | 70.43 |
PHILLIPS 66-TOTAL | 70.43 |
PHILLIPS 66-TOTAL | 70.44 |
VITOL-TOTAL | 70.43 |
TRAFIGURA-TOTAL | 70.44 |
VITOL-TOTAL | 70.44 |
VITOL-TOTAL | 70.44 |
VITOL-TOTAL | 70.45 |
SHELL-TOTAL | 70.44 |
PHILLIPS 66-TOTAL | 70.45 |
TRAFIGURA-TOTAL | 70.45 |
BP-TOTAL | 70.45 |
VITOL-TOTAL | 70.45 |
SHELL-TOTAL | 70.44 |
BP-TOTAL | 70.45 |
VITOL-TOTAL | 70.45 |
BP-TOTAL | 70.48 |
VITOL-TOTAL | 70.49 |
SHELL-MERCURIA | 70.48 |
VITOL-TOTAL | 70.47 |
BP-TOTAL | 70.48 |
SHELL-MERCURIA | 70.48 |
VITOL-TOTAL | 70.49 |
SHELL-MERCURIA | 70.48 |
VITOL-TOTAL | 70.47 |
SHELL-MERCURIA | 70.48 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
GME OMAN | 70.42 | 69.96 |
GME OMAN DIFF TO DUBAI | 0.99 | 0.84 |
CASH DUBAI | 70.48 | 70.03 |
REFINERY
Malaysia's Pengerang Refining Company (Prefchem) has cut output at its refinery after it shut one of two gasoline-making units until April for repairs, sources familiar with the matter said.
NEWS
Chevron CVX.N has entered into exclusive talks with Iraq over the giant West Qurna 2 oilfield, moving closer to acquiring the field from sanctioned Russian oil firm Lukoil LKOH.MM.
U.S. diesel exports to Europe hit an all‑time high in January after the continent strengthened its ban on imports of Russian-derived fuel, and as discounted Russian diesel displaced U.S. fuel in Brazil, data showed and analysts said.
Australian oil and gas producer Woodside Energy WDS.AX posted a smaller-than-expected fall in annual profit on Tuesday, as robust production offset weaker realised prices, and said it expects to name a new CEO in the first quarter of 2026.
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 Alison Williams)
((Florence.Tan@thomsonreuters.com;))
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