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Middle East Crude-Oman, Dubai halt 3-day loss; QatarEnergy awards tenders

Middle East crude benchmarks Oman and Dubai rose on Thursday, halting three days of losses after QatarEnergy awarded its tenders.

QatarEnergy has set the July term price for al-Shaheen crude at $1.82 a barrel above Dubai quotes, trade sources said on Wednesday.

The premium for term supplies loading in July is down versus $2.54 a barrel in June.

The term price was set after QatarEnergy sold two cargoes via a tender to Unipec, traders said.

The cargoes for loading on July 2-3 and July 26-27 were sold at premiums between $1.60 and $1.90 a barrel to Dubai quotes, they added.

Separately, QatarEnergy also awarded a July-loading Qatar Marine cargo to PTT at a premium between $1.20 and $1.30 a barrel to Dubai quotes, traders said.

QatarEnergy also sold a July-loading Qatar Land cargo to Reliance at a premium of 40-50 cents a barrel to Dubai quotes, they added.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 19 cents to $1.86 a barrel. Mitsui will deliver a July-loading al-Shaheen crude to Mercuria following the trades.

REFINERY

Binh Son Refining and Petrochemical BSR.HNO has chosen HSBC Bank as the export credit agency for a project to expand its Dung Quat refinery, the Vietnamese company said on Thursday.

NEWS

At least three tankers with Russian Urals oil on board chose a longer route to Asia around the Africa’s Cape of Good Hope in March and April as military risks in the Red Sea remain high, two traders said and LSEG data showed.

Two tankers on an Iran-related sanctions list carrying Russian fuel oil discharged in a Chinese port, LSEG data showed.

Marine bunker fuel sales at the United Arab Emirates’ Fujairah port hit a two-month low in April, although they were higher than the same month last year, latest data showed.

Indonesia expects investments in its oil and gas sector to rise 29% in 2024, the chairman of regulator SKK Migas told Reuters, as it races to ramp up drilling and exploration following the recent exits of global giants Shell SHEL.L and Chevron CVX.N.
Source: Reuters (Reporting by Florence Tan; Editing by Vijay Kishore)

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