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Middle East Crude – Dubai climbs; PetroChina snaps up 3 cargoes

Middle East crude benchmark Dubai climbed on Thursday, the last trading day for the month, after PetroChina snapped up three cargoes from Vitol on the Platts window.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 22 cents to $1.26 a barrel. A total of 112 Dubai partials were traded, leading Vitol to deliver one May-loading cargo each of al-Shaheen, Oman and Murban cargoes to PetroChina.

A total of 15 cargoes have been delivered on the Platts window so far this month, including 14 Oman, two Upper Zakum and one cargo each of Dubai, al-Shaheen and Murban.

OSP

The official selling price (OSP) for Oman crude in May will rise by $3.29 to $84.14 a barrel, Reuters calculations based on data from the Dubai Mercantile Exchange (DME) showed on Thursday.

NEWS

The Biden administration on Wednesday awarded contracts to buy 2.8 million barrels of oil for the government’s emergency reserve for more than $81 a barrel, $2 above the target purchase price.

Nigeria’s giant Dangote oil refinery could bring to an end a decades-long gasoline trade from Europe to Africa worth $17 billion a year, heaping pressure on European refineries already at risk of closure from heightened competition, analysts and traders said.

U.S. crude oil and gasoline inventories rose unexpectedly last week, driven by a rise in crude imports and sluggish gasoline demand, the Energy Information Administration said on Wednesday.

Russia has increased gasoline imports from neighbouring Belarus in March to tackle the risk of shortages in its domestic market because of unscheduled repairs at Russian refineries after drone attacks, four industry and trade sources said on Wednesday.

PetroChina last year imported from Russia 40 million metric tons of crude oil and 22.7 billion cubic meters of natural gas, company president Huang Yongzhang said on Wednesday.
Source: Reuters (Reporting by Florence Tan; Editing by Varun H K)

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