Middle East Crude-Benchmarks decline, Dubai hits one-week low

Reuters
04 Jun
Middle East Crude-Benchmarks decline, Dubai hits one-week low

SINGAPORE, June 4 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban fell on Wednesday amid expectations of higher supply, with that of Dubai hitting its lowest level in more than a week.

The unwinding of 411,000 barrels per day (bpd) in July by OPEC+ states and the outlook of the group to continue to hike production have been weighing on the market.

Global oil prices held steady on Wednesday as mounting supply expectations were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger. O/R

QatarEnergy on Wednesday set its July marine crude official selling prices at a premium of 70 cents per barrel to Oman/Dubai prices.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 21 cents to $0.82 a barrel.

SELLER-BUYER

PRICE ($/BBL)

VITOL-TOTAL

64.69

RELIANCE-TOTAL

64.69

VITOL-TOTAL

64.69

VITOL-TOTAL

64.65

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

64.74

64.52

GME OMAN DIFF TO DUBAI

0.91

1.30

CASH DUBAI

64.65

64.25

NEWS

Russia's oil and gas revenue declined by 35% in May to 512.7 billion roubles ($6.55 billion) from the same month a year ago, finance ministry data showed on Wednesday, which would likely make Russia more resistant to further OPEC+ oil output hikes.

Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA.

The owners of the Shah Deniz gas field in the Azeri Caspian Sea led by BP BP.L made a final decision to invest $2.9 billion in expanding output from the project, BP said on Tuesday.

An oil-producing consortium in Guyana comprising Exxon Mobil XOM.N, Hess HES.N and CNOOC 600938.SS posted a 64% surge in 2024 profit to $10.4 billion, Exxon said on Tuesday, as facility updates allowed sustained output growth.

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 Siyi Liu in Singapore; Editing by Eileen Soreng)

((siyi.liu@thomsonreuters.com;))

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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