The Middle East crude benchmark spot premium of Oman rose to a near three-week high on Thursday, while that of Dubai edged lower.

Overall, the Mideast market has been supported by tight supply as producing countries burn more for rising power demand at home amid summer heat and good buying appetite from Asia.

Oil prices declined moderately on Thursday as investors weighed the potential impact of U.S. President Donald Trump’s tariffs on global economic growth.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 12 cents to $3.04 a barrel.

NEWS

The prompt price spread between diesel prices in Asia and Europe widened further to nearly $120 per metric ton, the highest in slightly more than 2-1/2 years, LSEG data showed on Thursday.

U.S. crude oil stockpiles rose unexpectedly last week, while gasoline drew down on the back of strong driving demand ahead of the July 4 weekend.

Global commodities trading house Gunvor intends to mothball the terminal activities at its Europoort oil refinery in Rotterdam, Netherlands, a company spokesperson said on Wednesday.

Nigeria’s Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of gasoline and diesel to supply refined fuel to southern Africa, two sources told Reuters on Wednesday.
Source: Reuters