Middle East Crude – Oman and Dubai soar to highest since Nov 2022

Middle East crude benchmarks posted strong gains on Thursday, with Oman and Dubai hitting their highest since November 2022.
The gains came after QatarEnergy more than doubled its term price for al-Shaheen crude oil loading in March to $3.81 per barrel above Dubai quotes from the previous month, after awarding two cargoes to Totsa at premiums of $3.70-$3.80, trade sources said.
Totsa is the trading arm of French major TotalEnergies TTE.
Unipec bought a March-loading Qatar Marine crude cargo in QatarEnergy’s tender at a premium of just above $3 a barrel to Dubai quotes, 10 times higher than the previous month.
Premiums for light grades also rose. QatarEnergy sold a March-loading Land crude cargo at a premium of above $2 a barrel above Dubai prices to Thailand’s state oil and gas firm PTT PTT, traders said.
Indian Oil Corp (IOC) IOC, the country’s top refiner by capacity, is seeking to buy high-sulphur oil through spot tenders in its first sour crude import tenders since March 2022, trade sources said on Thursday.
The company has also launched a separate tender seeking sweet crude, the sources said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 93 cents to $4.72 a barrel.
Unipec will deliver a March Oman crude cargo to TotalEnergies following the deals.
NEWS
TotalEnergies TTE said its fourth-quarter results would benefit from a slight pickup in refining margins, increased production and stronger gas trading and power sales, signalling a potential turnaround at the end of a year marked by low oil prices and refined products demand.
U.S. crude oil stocks excluding the Strategic Petroleum Reserve fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration said on Wednesday.
The United States on Wednesday imposed hundreds of sanctions targeting Russia, seeking to increase pressure on Moscow in the Biden administration’s final days and protect some sanctions previously imposed.
Source: Reuters