The Middle East crude benchmark spot premium of Oman jumped on Wednesday to a six-month high, while that of Dubai and Murban were largely steady.
The market has been underpinned by supply-demand tightness and rising interest as some Indian buyers switched from Russian cargoes after the United States threatened secondary tariffs on countries buying Russian oil.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 28 cents to $3.10 a barrel.
China’s Shandong Yulong Petrochemical has bought its first Canadian crude oil cargoes exported via the Trans Mountain pipeline (TMX) for September and October delivery, trade sources said, as the new refiner diversifies its supplies.
About a half dozen foreign partners of Venezuela’s state-owned oil company PDVSA are awaiting authorizations from the U.S. Treasury and State departments, following talks last week about fresh licenses to allow them to operate in the sanctioned South American country, according to six company sources.
Brazilian state-run oil firm Petrobras produced 2.32 million barrels of oil per day in Brazil during the second quarter, it reported on Tuesday, marking a 7.6% rise over the same period last year, as new production vessels increased output.
Australian lithium producer IGO posted a drop in its annual sales revenue on Wednesday and flagged an impairment charge tied to its troubled Kwinana lithium refinery in Western Australia.
The head of Americas gasoline for French energy major TotalEnergies’ trading arm, Atlantic Trading & Marketing Inc, has left the firm to join a hedge fund, three sources familiar with the matter told Reuters on Tuesday.
Source: Reuters