Middle East crude benchmarks Oman, Dubai and Murban fell further on Wednesday as oil prices extended declines to the lowest level in over two weeks.
Both Brent and WTI were set for their largest monthly drop in almost three and a half years as the global trade war eroded the outlook for fuel demand, while concerns over mounting supply also weighed.
Meanwhile, the official selling price (OSP) for Oman crude in June will fall by $4.64 to $67.87 a barrel, Reuters calculations based on data from the Gulf Mercantile Exchange (GME) showed on Wednesday.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 15 cents to $0.77 a barrel.
BP will deliver a June-loading Upper Zakum crude cargo to Vitol following the deals.
For April, PetroChina sold 30 cargoes, or 15 million barrels. Vitol bought 22 cargoes, or 11 million barrels.
REFINERY
SK Innovation Co Ltd 096770, owner of South Korea’s biggest oil refiner SK Energy, swung to an unexpected operating loss in the first quarter on weaker oil prices, but forecast a recovery in refining margins in the second quarter.
NEWS
French oil major TotalEnergies TTE reported an 18% drop in adjusted net income for the first quarter to $4.2 billion, slightly short of expectations, as debt rose and earnings fell across all business segments except liquefied natural gas.
Kazakhstan oil production was again above its OPEC+ quota this month, although it fell 3% from the March average, according to an industry source familiar with the statistics, and Reuters calculations.
U.S. crude oil inventories rose last week while gasoline and distillate stocks fell, market sources said, citing American Petroleum Institute figures on Tuesday.
Source: Reuters
