Middle East Crude-Dubai nudges higher; Total receives another two cargoes

Middle East crude benchmarks Oman fell for a third session on Wednesday

  

SINGAPORE- Middle East crude benchmarks Oman fell for a third session on Wednesday while cash Dubai edged up, supported by purchases on window.

Total will receive another two December-loading cargoes following Wednesday's deals, bringing its overall purchases this month to six. Vitol and PetroChina will deliver an Upper Zakum crude cargo and an al-Shaheen crude cargo, respectively, to the French major.

Separately, BAPCO has sold Banoco Arab Medium crude for 2022 at discounts to its official selling price (OSP), traders said. The crude has been sold at discounts for most of this year to compensate for strong OSPs for Arab Medium, they said.

ASIA-PACIFIC CRUDE

PV Oil will soon be awarding a tender to sell Te Giac Trang (TGT) crude for loading between January and June.

REFINERY

Japanese utilities have asked oil refiners for extra supplies to generate power as they try to switch from expensive liquefied natural gas (LNG), the head of the Petroleum Association of Japan (PAJ) said on Wednesday. 

NEWS

Norway's Equinor posted its strongest quarterly result in nine years on Wednesday, driven by a global energy supply crunch that pushed Europe's natural gas prices to record highs and sent the value of derivative contracts soaring. 

Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables, and winning support from big investors who do not expect the stateside companies to invest in wind and solar. 

Crude oil tanks at the Cushing, Oklahoma storage hub are more depleted than they have been in the last three years, and prices of further dated oil contracts suggest they will stay lower for months. 

BP's trading team made at least $500 million in the third quarter of 2021, two sources with knowledge of the company's trading results said, as the energy major benefitted from a gas crisis that has left consumers and industries smarting. 

(Reporting by Florence Tan; Editing by Shailesh Kuber) ((Florence.Tan@thomsonreuters.com; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))


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