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Middle East Crude-Benchmarks advance; China issues new batch of VLSFO export quotas

Middle East Crude-Benchmarks advance; China issues new batch of VLSFO export quotas

Reuters · 09/14/2022 05:44
Middle East Crude-Benchmarks advance; China issues batch of VLSFO export quotas

- Middle East crude benchmarks Oman, Dubai and Murban rose on Wednesday as the market weighed supply tightness in the winter season in the Northern Hemisphere.

"The overall demand is still solid although China's demand is still largely tepid. And supply could be tight if Russia decides to sell oil to the pro-price cap countries," said a -Asian trader.

As Typhoon Muifa is expected to hit eastern China, the country's bunkering hub Ningbo-Zhoushan has temporarily suspended discharging and loading oil, while tankers are ordered to stay at anchorages.

China has issued a fourth batch of export quotas for very low-sulphur fuel oil (VLSFO) of 2.75 million tonnes, taking the total allotment so far this year to 15 million tonnes.

The market is also expecting China to issue a batch of gasoline, diesel and jet fuel export quotas, likely at 1.5 million tonnes, but official document has been released.

Meanwhile, Taiwan's CPC is seeking for November-loading sour crude via a tender which will close on Thursday but valid until Sept.19.



WINDOW

Cash Dubai's premium to swaps rose 14 cents to $5.73 a barrel.

Seller-Buyer

Price

Reliance-Gunvor

92.70

Phillips 66-Vitol

92.70

Phillips 66-Vitol

92.70

Total-Vitol

92.70

PetroChina-Vitol

92.70

Total-Vitol

92.70

Total-Vitol

92.70

PetroChina-Vitol

92.70

Reliance-Gunvor

92.71


PRICES ($/BBL)


CURRENT

PREV SESSION

DME OMAN

92.74

94.37

DME OMAN DIFF TO DUBAI

5.77

5.52

CASH DUBAI

92.70

94.44


NEWS

Growth in global oil demand is set to grind to a halt in the fourth quarter of this year as an economic slowdown deepens, the International Energy Agency (IEA) said on Wednesday, but said it would resume strongly in 2023.

Kazakhstan may adjust its 2022 oil output plan for 85.5 million tonnes due to an outage at the giant Kashagan oilfield, Energy Minister Bulat Akchulakov said on Wednesday.

The European Union will propose measures to cap revenues from low-cost electricity generators and force fossil fuel firms to share the profits they make from soaring energy prices, European Commission President Ursula von der Leyen said on Wednesday.

China is buying more and less expensive energy supplies from Russia this year, reaping the benefits of a plunge in European purchases just when Beijing it most as the Ukraine crisis pushes Moscow in search of alternative markets.


For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

DME Oman

OQc1

Brent/Dubai EFS

DUB-EFS-1M



PRODUCT CRACKS


Fuel oil crack

FO180SGCKMc1

Gasoil crack

GOSGCKMc1

Naphtha crack

NAF-SIN-CRK

Complex refining margins

REF/MARGIN1


(Reporting by Muyu Xu)

((muyu.xu@thomsonreuters.com; +65 9829 1075;))

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