Middle East Crude-Benchmarks extend gains; Iraq, Qatar set March OSPs
SINGAPORE, Feb 8 (Reuters) -Middle East crude benchmarks Oman, Dubai and Murban continued to rise on Wednesday, supported by expectations of a demand revival in China and a supply disruption at Turkey's Ceyhan oil terminal.
The Iraqi crude pipeline to the Ceyhan oil export hub resumed flows on Tuesday evening while a tanker docked to load crude, the first since a series of earthquakes on Monday, ship tracking showed and industry sources said.
While Iraqi crude flows and exports have resumed, exports of Azeri crude were still stopped. The Azeri BTC pipeline was, however, still working and sending oil to storage in Ceyhan, two sources said.
Iraq sets March Basrah Medium crude price to Asia at minus $1.10 a barrel versus the Oman/Dubai average, up 30 cents from a month ago, according to the Iraqi State Organization for Marketing of Oil (SOMO).
Qatar sets the official selling prices (OSPs) for March Marine crude at plus $0.40 a barrel against the Oman/Dubai average, and for Land crude at plus $1.10 a barrel against the Oman/Dubai average, according to a pricing document issued by Qatar Petroleum.
February OSPs for Qatar Marine and Qatar Land were set at $0.75 a barrel over the Oman/Dubai average and $2.10 a barrel, respectively.
India, the world's third-biggest oil importer and consumer, has diversified its sources of energy imports but will continue to buy most of its oil from the Middle East for a long time, the South Asian country's oil minister said on Wednesday.
The minister also said India will consider buying oil from Iran and Venezuela if sanctions are lifted and would continue purchases from Russia if prices "continue to be good".
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 6 cents to $2.01 a barrel.
DME OMAN DIFF TO DUBAI
Russian Deputy Prime Minister Alexander Novak said on Wednesday that European Union moves to add what he called "exemptions" to its price cap on oil products showed that Russian oil was still in demand.
Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.
U.S. crude oil inventories fell last week, while fuel inventories rose, according to market sources citing American Petroleum Institute figures on Tuesday.
For crude prices, oil product cracks and refining margins, please click on the RICs below.
Fuel oil crack
Complex refining margins
Reporting by Muyu Xu; Editing by Devika Syamnath
RECENT CRUDE OIL TRADES: Asia ACRU/T Europe CRU/T Americas CRU/TU CRUDE OIL MARKET NEWS Crude oil tenders in Asia CRU/TENDA Crude oil supply outages in Asia CRU/OUT-ASIA-O Refinery outages in Asia REF/OUT-ASIA-O Global arbitrage news and flows O/CRUDEARB W.African crude imports to Asia, monthly O/WAFRICA1 REFINERY MAINTENANCE DIARIES Asia REF/A Middle East REF/ME Europe REF/E NATIONAL CRUDE IMPORT DATA Japan METI/JP1 China O/CHINA1 India O/INDIA2 S.Korea O/KOREA1 Indonesia O/INDO1-CRU CRUDE OIL INVENTORY DATA Japan O/JAPAN1 US EIA/S Europe O/EUROIL1 CRUDE OIL PRODUCTION/OILFIELD NEWS OPEC output survey OPEC/O New Africa fields AFR/NEW New projects ENERGY/NEW New Americas fields AM/NEW CRUDE OIL MARKET REPORTS Middle East CRU/MAsia-Pacific CRU/AP West Africa CRU/WAF North Sea CRU/E Asia outlook ASIA/CRU Europe outlook EUR/CRU Global futures report O/R Technicals report O/I PRICES For all Official Selling Prices OSP/O For a POLL on oil prices O/POLL NYMEX and ICE oil futures OILOIL TOCOM crude oil futures 0#JCO: Dubai, Oman swaps and spread ASIA/SWAP/CRUDE Middle East physical crude diffs CRUDE/ASIA2 Australia physical crude, Tapis swaps CRUDE/ASIA1 Asia-Pacific physical crude CRUDE/ASIA3 All Asian crude oil differentials 0#C-DIF-A All Asian crude oil outright prices 0#C-A
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.