Middle East Crude-Dubai rises for 4th straight session; Oman at 6-mth high

Middle East crude benchmark Dubai gained for a fourth straight session on Wednesday following strong bids from Vitol, Equinor and Mitsui on Platts window.

DME Oman rose to $2.65 a barrel above Dubai quotes, the highest premium since October, supported by robust demand amid a tight supply of medium, heavy crude in Asia.

Murban’s premium eased after touching the highest this month on Tuesday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 24 cents to $2.53 a barrel. PetroChina and Glencore will deliver a June-loading Murban crude cargo each to Vitol and Equinor, respectively. This brings the total number of Murban cargo deliveries to 17 this month.

NEWS

Shareholders rejected Woodside Energy’s WDS.AX climate plan on Wednesday, marking a symbolic victory for activists who have called for Australia’s biggest gas producer to stop new fossil fuel projects, but its chairman survived a push to oust him.

The Russian economy ministry has downgraded its forecasts for the country’s crude oil export prices for the next three years to $65 per barrel, according to an updated outlook seen by Reuters on Tuesday.

Polish oil refiner Orlen PKN.WA has cancelled contracts to buy Venezuelan oil and refined products after losing more than $400 million on prepayments for deliveries it never received, a company manager said on Tuesday.
Source: Reuters (Reporting by Florence Tan; Editing by Eileen Soreng)