Middle East Crude-Benchmarks rise; spot premiums for ESPO, Sokol hold firm

Middle East crude benchmarks Oman and Dubai rose on Wednesday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai rose on Wednesday, partly supported by China demand.

Rongsheng Petrochemical has bought a few million barrels of Oman, Upper Zakum, U.S. WTI Midland, and al-Shaheen crude via tender and pre-tender trades, traders said. The details were not immediately clear.

RUSSIAN CRUDE:

Russian oil producer Surgutneftegaz has sold two cargoes of ESPO crude for Aug. 8-15 and Aug. 12-19 loading at premiums of above $3.70 a barrel to Dubai quotes to Mercuria and Shell, traders said.

Surgut has offered two more cargoes of ESPO crude loading on Aug. 16-23 and Aug. 20-27 in a tender closing and valid on Wednesday.

Indian oil explorer ONGC has sold one Russian Sokol crude cargo, loading on Aug. 13-19, at a spot premium of around $3.35-$3.40 a barrel to Dubai quotes to a Korean buyer, likely SK Energy, traders said.

ONGC has offered one more cargo of Sokol crude loading on Aug. 27- Sept. 2 in a tender closing and valid on June 19.

REFINERY

Pilipinas Shell Petroleum Corp said on Wednesday it has extended the shutdown of its 110,000-barrel-per-day Tabangao refinery in the Philippines beyond the original one-month timetable. 

NEWS

Overall compliance with the OPEC+ oil output cuts deal stood at 87% in May, a source familiar with the data told Reuters on Wednesday. 

U.S. crude oil, gasoline and distillate stocks rose in the most recent week, data from industry group the American Petroleum Institute showed on Tuesday. 

Japan's oil imports slumped in May to the lowest in almost three decades, official figures showed on Wednesday, as the coronavirus outbreak hit demand for crude and fuel in the world's third-biggest economy.

ConocoPhillips will resume some of its Alaskan production shut in due to falling fuel demand stemming from the coronavirus pandemic, a spokeswoman said on Tuesday.

(Reporting By Shu Zhang; Editing by Subhranshu Sahu) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))

More From Commodities