Middle East crude benchmarks extended their downward trend on Tuesday, spot premiums for Dubai and Murban fell to their lowest in seven weeks.
Sell-offs continued among investors who eyed rising supplies after reports of OPEC+ considering another output hike in June, amid demand worries driven by the Sino-U.S. trade war.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 22 cents to $0.92 a barrel, the lowest since March 4.
REFINERY
Spanish oil company Moeve was gradually restarting its two oil refineries in the country on Tuesday as power supply was restored after a nationwide blackout hit the Iberian Peninsula the previous day, it said.
NEWS
BP BP. on Tuesday reported a deeper-than-expected 48% drop in net profit to $1.4 billion on weaker refining and gas trading and announced the departure of its strategy chief as it tries to shore up investor confidence.
Tankers are lining up near an old oil port in Venezuela’s Western region to load crude cargoes and depart from the South American country before a May 27 deadline set by the U.S. to wind down operations and exports, according to documents and data.
Barclays lowered its Brent crude forecast on Monday by $4 to $70 a barrel for 2025 and set its 2026 estimate at $62/b, citing “a rocky road ahead for fundamentals” amid escalating trade tensions and OPEC+’s pivot in its production strategy.
When Exxon Mobil XOM and Chevron CVX report first-quarter results this week, investors will be focused on how falling oil prices have increased the risk to dividends and share repurchases for the rest of 2025.
Source: Reuters
