Middle East crude benchmark spot premium of Murban rallied for a fourth consecutive session on Wednesday to a near three-week peak, while that of Oman and Dubai declined.

Oil prices were steady on Wednesday after falling for three consecutive sessions as a U.S. tariff deal with Japan improved global trade sentiment.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 16 cents to $2.81 a barrel.

PetroChina will deliver a September-loading al-Shaheen crude cargo to Vitol following the deals.

Reliance will deliver a September-loading Upper Zakum crude cargo to Vitol following the deals.

REFINERY

Marathon restarted a diesel-producing unit and the gasoline-producing unit at its 631,000 barrel-per-day Galveston Bay Refinery in Texas City, Texas, people familiar with plant operations said on Tuesday.

NEWS

A contamination issue with Azeri BTC oil has been resolved and loadings continue from the Turkish port of Ceyhan, two sources at Azerbaijan’s SOCAR energy company told Reuters on Wednesday.

U.S. Energy Secretary Chris Wright said on Fox News on Tuesday that sanctioning Russian oil to end the Ukraine war is a “very real possibility.”

Exxon Mobil XOM has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country, which the top U.S. oil producer left more than two decades ago, two sources close to the talks told Reuters.

French energy company EDF is planning to cut its headcount overseas and scrap bids on some nuclear projects abroad as it focuses on a major construction programme at home under new CEO Bernard Fontana, said two sources familiar with the matter.

A tanker will not load fuel from India’s sanctions-hit Nayara Energy refinery as scheduled, according to three industry sources and LSEG shiptracking data, becoming the second such vessel to change plans following the European Union strictures.
Source: Reuters