Middle East crude benchmarks spot premium of Murban increased further on Thursday at a seven-month high, while that of Dubai also ticked higher.
Spot premium of Oman, however, tumbled to a two-month low.
Prices of Murban have been supported by spot buying and limited exports from Abu Dhabi.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 24 cents to $2.28 a barrel.
NEWS
Volatility increased in Chinese crude and fuel oil futures markets this week on concerns U.S. sanctions on an oil storage terminal in east China would prevent physical deliveries for the contracts.
U.S. crude stocks, gasoline, and distillate inventories fell last week as demand rose, the Energy Information Administration said on Wednesday.
Saudi Arabia, the world’s biggest oil exporter, may cut October crude oil prices for Asian buyers amid ample supply and weaker demand, refining sources said.
Russian crude oil supplies to Hungary and Slovakia through the Druzhba pipeline have restarted after an outage caused by a Ukrainian attack in Russia last week, Hungarian oil company MOL MOL and Slovakia’s economy minister said on Thursday.
Russia said on Thursday that a fire at an oil refinery in its southern Krasnodar region had been put out after a Ukrainian drone attack, part of a rolling campaign by Kyiv to strike the most important sector of President Vladimir Putin’s economy.
Source: Reuters
