Middle East Crude-Dubai dips as selling picks up; tender outcomes emerge

Dubai benchmark dropped on Thursday as more selling activity gathered pace, while outcomes for recent Southeast Asia tenders also emerged.

Malaysia’s Petronas has sold an August-loading Labuan crude cargo to Thai refiner Bangchak Petroleum via a tender at a premium of $6-$7 a barrel to dated Brent, traders said, stable from the previous month.

Separately, Vietnam’s PV Oil has sold an August-loading Ruby crude cargo to Binh Son refinery at $6-$7 a barrel to dated Brent in its monthly tender, traders said, up from a premium of above $5 in the previous month.

Meanwhile, Thailand’s PTT, on behalf of IRPC, bought three Abu Dhabi light crude cargoes for August loading via a tender.

These included Umm Lulu crude at 88 cents a barrel above Dubai quotes, Das and Murban at premiums of 9 cents and 70-80 cents a barrel, respectively, traders said.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps eased by 2 cents from the previous day to 88 cents a barrel on Thursday.

More deliveries for August-loading cargoes emerged.

BP will be delivering a cargo of Dubai to Mitsui and a cargo of al-Shaheen to Mercuria. Reliance will be delivering an Upper Zakum cargo to Mitsui, while P66 will deliver a cargo of al-Shaheen to Mitsui.

– Fires broke out at two Russian fuel depots on Thursday after suspected drone attacks, officials said, the latest in a series of Ukrainian strikes against Russia’s oil industry.
– China’s fuel oil imports cooled in May after hitting multi-year highs in April, data showed on Thursday.
– Urgent action must be taken in the Red Sea to stop attacks on merchant shipping by Yemen’s Houthis, leading industry groups said on Wednesday, after the sinking of a second ship.

– South Africa’s logistics utility Transnet said on Thursday it would appeal a court decision to award Sasol and TotalEnergies about 6.2 billion rand ($344 million) in damages and interest to settle a tariff dispute
– Global fossil fuel consumption and energy emissions hit all-time highs in 2023, even as fossil fuels’ share of the global energy mix decreased slightly on the year, the industry’s Statistical Review of World Energy report said on Thursday.
Source: Reuters (Reporting by Jeslyn Lerh and Florence Tan; Editing by Shailesh Kuber)