Middle East crude benchmarks Oman, Dubai and Murban regained ground on Monday, supported by robust demand for spot cargoes from India.
India’s Mangalore Refinery and Petrochemicals Ltd has bought 2 million barrels of Abu Dhabi Murban crude for January loading via a tender as it continues to shun Russian oil, trade sources said.
The refiner bought the cargo from BP via a tender at $3.50-$4 a barrel above Dubai quotes on cost and delivered basis, they added.
Separately, HPCL was seeking indicative offers of crude for January delivery on Monday and may award the tender on Tuesday, one of the sources said.
For arbitrage supply, Vietnam’s Binh Son refinery has bought 1 million barrels of U.S. West Texas Intermediate crude for January delivery from Mercuria although the price was not immediately known.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 22 cents to 68 cents a barrel. There were 96 Dubai partials traded on Monday.
REFINERY
Sinochem’s Quanzhou Petrochemical will start a two-month maintenance for its entire plant in southern China’s Fujian province from November 25, according to a company statement posted on its official WeChat platform on Monday.
NEWS
Ukraine struck a heat and power station in the Moscow region on Sunday with drones, triggering a major fire and cutting off heating for thousands in one of Kyiv’s biggest attacks to date on a power station deep inside Russia.
China is importing unusually large quantities of crude oil from Indonesia, a trend traders say is a way to mask shipments of sanctioned Iranian crude trans-shipped in waters off Malaysia amid greater scrutiny of cargoes originating from Malaysia.
Abu Dhabi conglomerate International Holding Company has told the U.S. Treasury it is interested in buying Russian oil group Lukoil’s foreign assets, the company said in response to a Reuters enquiry.
The United States is poised to launch a new phase of Venezuela-related operations in the coming days, four U.S. officials told Reuters, as the Trump administration escalates pressure on President Nicolas Maduro’s government.
Indonesian state energy firm PT Pertamina will sell 100,000 barrels of gasoline to fuel retailer PT Vivo Energi Indonesia, Pertamina’s trading subsidiary Pertamina Patra Niaga said on Monday.
Source: Reuters
