Middle East Crude-Benchmarks dip; Russian, Vietnamese grades weaken

Middle East crude benchmarks Oman and Dubai edged down on Monday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai edged down on Monday as Asia's spot markets softened amid weak demand and margins.

Surgut awards two Russian ESPO crude cargoes, loading Feb. 28-Mar. 5 and Mar. 2-8, at three-month-low spot premiums of around $1.50-1.60 a barrel to Dubai quotes via its first spot tender this month, traders said. 

Paramount Energy sold an ESPO crude cargo, loading Mar. 1-11, at a premium of below $1.5 a barrel to Dubai quote, lower compared with the Surgut level, a trade source said.

Surgut offered three more ESPO crude cargoes, loading Mar. 6-13, Mar. 10-17 and Mar. 13-20, via a tender to be closed later on Monday.

Korean buyer SK Energy bought a March-loading Sokol crude at around 80 cents above Dubai quotes, lower than the level seen earlier this month, traders said.

ONGC offered a Sokol cargo, loading Mar. 28-Apr. 3, via its third spot tender this month to be closed on Wednesday.

Vietnam's PV Oil sold a Ruby cargo, loading Mar. 4-11, to domestic Binh Son refinery, in the range of $2-$2.5 above dated Brent via a spot tender, traders said.

PV Oil also sold a Su Tu Den cargo, loading Mar. 1-7, at a premium of around 60 cents to dated Brent via a spot tender. The buyer was Exxon Mobil, a trader said.

India's IOC bought 5 million barrels of crude via a tender last Friday. Further details are not yet clear.

Indonesia's Pertamina closed a spot tender to buy crude for February, March and April.

Thailand's IRPC is seeking sour crude via a tender to be closed on Tuesday with bids valid till Wednesday.

REFINERY

China's refineries posted record throughput in 2020, processing 3% more crude oil than a year ago, as they took advantage of low prices and healthy margins on a quick rebound in domestic fuel demand from the coronavirus pandemic.

NEWS

Total is paying $2.5 billion for a share in Indian renewable energy firm Adani Green Energy Limited (AGEL) and a portfolio of solar power assets, marking the latest step in the French energy company's drive to reduce its dependence on oil. 

Indonesia's demand for fuel this year is expected to recover slightly more than previously thought, an official at the country's energy ministry said on Monday. 

Angola is expected to export at least 36 cargoes of crude oil in March, up from the February final schedule of 33 cargoes, a preliminary programme seen by Reuters showed.

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

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