Middle East Crude-Benchmarks extend losses; Fuji Oil buys Upper Zakum

Middle East crude benchmarks Oman and Dubai extended losses on Thursday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai extended losses on Thursday, despite a flurry of deals on Platts window which led to the delivery of another three cargoes.

This brings the total number of cargoes delivered on window to seven this month.

Separately, Japanese refiner Fuji Oil has bought two November-loading cargoes of Upper Zakum crude at $1.60-$1.70 a barrel above Dubai quotes, traders said. Glencore and Exxon Mobil likely sold the cargoes, they said.

In the regional crude market, Santos has started marketing November-loading Bayu Undan while traders await the results of tenders from IRPC and PV Oil. TPPI and Fuhaichuang are still negotiating prices of condensate they plan to purchase, traders said.

NEWS

Indian refiners' crude oil throughput in August dipped to its lowest in 10 months due to ongoing maintenance activities at multiple refineries, government data showed on Wednesday.

Iraq's oil minister said OPEC and its allies are working to keep crude prices close to $70 per barrel as the global economy recovers, state news agency INA reported on Wednesday. 

U.S. crude oil inventories last week fell to their lowest in nearly three years while gasoline stockpiles rose, the Energy Information Administration said on Wednesday, as the industry continued to recover after Hurricane Ida. 

Finnish oil refiner and biofuels maker Neste on Thursday said it expects to be able to produce 1.5 million tonnes of biofuel annually for the aviation industry by end of 2023 versus about 100,000 tonnes currently. 

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


More From Markets