Middle East Crude-Benchmarks fall as supply surplus in focus
Middle East crude benchmarks fell on Tuesday as market shifted focus back to oversupply worries, after a previous rally spurred by Western sanctions on Russian top producers.
Sanctions on oil-exporting countries could push up crude prices but the effect will be limited because of surplus capacity, the International Energy Agency Executive Director Fatih Birol said on Tuesday.
Many Indian refiners have paused new orders for Russian oil since U.S. sanctions last week on Moscow's top two crude exporters as they await clarity from the government and suppliers, with some turning to the spot market for alternatives, industry sources said.
Indian Oil has issued a tender for oil supplies while Reliance Industries 
RELIANCE1! has boosted purchases from the spot market, according to sources who declined to be identified as the matter is not public.
Mangalore Refinery and Petrochemicals Ltd MRPL.NS is also seeking to buy 1 million to 2 million barrels of crude, according to a tender document issued on Tuesday.
Another state refiner, Bharat Petroleum Corp 
BPCL, also plans to issue a spot tender in 7-10 days to buy December-loading cargoes to replace Russian oil, a source with knowledge of the matter said. The company would buy Russian oil only from non-sanctioned entities, the source added.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps fell $1.6 to $1 a barrel.
PetroChina will deliver two December-loading Upper Zakum crude cargoes to Mercuria following the deals.
Hengli and ExxonMobil will each deliver one December-loading Upper Zakum crude cargo to Mercuria following the deals.
SELLER-BUYER | PRICE ($/BBL) |
PETROCHINA-MERCURIA | 65.60 |
PETROCHINA-MERCURIA | 65.60 |
EXXONMOBIL-MERCURIA | 65.60 |
HENGLI-MERCURIA | 65.60 |
PETROCHINA-MERCURIA | 65.55 |
PETROCHINA-MERCURIA | 65.60 |
PETROCHINA-RELIANCE | 65.50 |
PETROCHINA-RELIANCE | 65.40 |
HENGLI-MERCURIA | 65.35 |
HENGLI-TRAFIGURA | 65.35 |
PETROCHINA-MERCURIA | 65.30 |
HENGLI-MERCURIA | 65.30 |
EXXONMOBIL-TRAFIGURA | 65.30 |
HENGLI-MERCURIA | 65.30 |
PETROCHINA-MERCURIA | 65.28 |
PETROCHINA-MERCURIA | 65.28 |
PETROCHINA-MERCURIA | 65.28 |
PETROCHINA-MERCURIA | 65.28 |
HENGLI-MERCURIA | 65.28 |
PETROCHINA-MERCURIA | 65.28 |
PETROCHINA-MERCURIA | 65.28 |
HENGLI-RELIANCE | 65.20 |
PETROCHINA-MERCURIA | 65.05 |
HENGLI-MERCURIA | 65.00 |
HENGLI-MERCURIA | 65.00 |
PETROCHINA-MERCURIA | 65.01 |
PETROCHINA-MERCURIA | 65.01 |
HENGLI-MERCURIA | 65.00 |
EXXONMOBIL-MERCURIA | 65.00 |
HENGLI-MERCURIA | 65.00 |
HENGLI-MERCURIA | 65.00 |
HENGLI-MERCURIA | 65.00 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
SHENGHONG-MERCURIA | 64.99 |
HENGLI-MERCURIA | 64.95 |
EXXONMOBIL-MERCURIA | 65.00 |
PETROCHINA-MERCURIA | 64.96 |
HENGLI-MERCURIA | 64.95 |
HENGLI-MERCURIA | 65.00 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
HENGLI-MERCURIA | 64.95 |
SHENGHONG-MERCURIA | 64.99 |
PETROCHINA-MERCURIA | 64.96 |
HENGLI-MERCURIA | 64.95 |
EXXONMOBIL-MERCURIA | 64.99 |
PETROCHINA-MERCURIA | 64.96 |
HENGLI-MERCURIA | 64.95 |
EXXONMOBIL-MERCURIA | 64.99 |
HENGLI-MERCURIA | 64.95 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.99 |
HENGLI-MERCURIA | 64.95 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.99 |
PETROCHINA-MERCURIA | 64.96 |
HENGLI-MERCURIA | 64.95 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.99 |
PETROCHINA-MERCURIA | 64.96 |
HENGLI-MERCURIA | 65.00 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.99 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.99 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.99 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.99 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
VITOL-MERCURIA | 65.60 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
EXXONMOBIL-MERCURIA | 64.96 |
PETROCHINA-MERCURIA | 64.96 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
GME OMAN | 65.35 | 67.84 |
GME OMAN DIFF TO DUBAI | 1.39 | 2.78 |
CASH DUBAI | 64.96 | 67.66 |
NEWS
OPEC+, the world’s largest grouping of oil-producing nations, is leaning towards a modest output boost in December, four sources familiar with the talks said, as they push on with monthly increases aimed at clawing back market share.
Russia's second-largest oil producer, Lukoil 
LKOH, said on Monday it would sell its international assets following sanctions over Ukraine announced last week by the U.S.
Asian oil refining profits have rallied to their heftiest in 20 months, boosted by robust diesel performance on a tightening outlook after the U.S. sanctioned two major Russian suppliers, analysts and trade sources said.
For crude prices, oil product cracks and refining margins, please click on the RICs below.
Brent | (BRENTSGMc1) |
Dubai | (DUBSGSWMc2) |
GME Oman | (OQc1) |
Brent/Dubai EFS | (DUB-EFS-1M) |
PRODUCT CRACKS | |
Fuel oil crack | (FO180SGCKMc1) |
Gasoil crack | (GO10SGCKMc1) |
Naphtha crack | (NAF-SIN-CRK) |
Gasoline crack | (GL92-SIN-CRK) |
Complex refining margins | (REF/MARGIN1) |
