Middle East Crude-Dubai and Murban premiums ease while Oman gains

Spot premiums for Middle East crude benchmarks Dubai and Murban eased on Tuesday while Oman premiums edged up after a previous decline.

INVENTORIES:

– U.S. crude oil and fuel stockpiles were expected to have fallen last week, a preliminary Reuters poll showed on Monday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 41 cents to $1.58 a barrel.

REFINERY

– Taiwan oil refiners are bracing for heavy rain and winds ahead of super Typhoon Krathon’s expected landfall, with the storm likely to delay some fuel shipments, prolong maintenance work and force temporary closure of some key ports, industry sources said.

NEWS

– Analysts have cut their 2024 oil price forecasts for a fifth consecutive month, citing weaker demand and uncertainty over the plans of producer group OPEC, with prices expected to remain under pressure despite geopolitical risks, a Reuters poll found.

– Black Sea CPC Blend oil’s premium to dated Brent firmed to a seven-year high, buoyed by a fall in October supply because of maintenance on the giant Kazakh Kashagan oilfield, traders said.

– Russia’s Deputy Prime Minister said that OPEC+ is strategically reducing oil supply and ceding market share with a long-term view so that producing countries secure enough investment and oil prices suit both producers and consumers.

– The U.S. has bought 6 million barrels of oil for the Strategic Petroleum Reserve for delivery through May 2025, the Department of Energy said on Monday.
Source: Reuters (Reporting by Emily Chow, Editing by David Goodman)