Middle East Crude-Benchmarks rise; NWS condensate strengthens

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SINGAPORE: Middle East crude benchmarks Oman and Dubai rose on Tuesday as Asia’s spot discounts for December-loading Russian Sokol crude and Australian North West Shelf condensate narrowed. Exxon Mobil sold a cargo of Russian Sokol crude to China’s Sinochem Hongrun for December delivery at around 30 cents below Dubai quotes, traders said, slightly higher than the Sokol level seen in last week’s ONGC tender.

Woodside and BHP sold their December-loading cargoes to BP at narrow discounts of smaller than $1 to dated Brent, traders said, as robust naphtha cracks support condensate value. Pertamina reissued its buy tender for condensate cargoes. Fuhaichuang has not awarded its December condensate tender. In the market-on-close price assessment process, Shell lowered its offer of a December-loading Murban crude cargo by 5 cents to flat to Dubai, but did not attract any buyers. WINDOW Cash Dubai’s discount to swaps narrowed 22 cents to 59 cents a barrel.

Seller-Buyer Price BP-Shell 41.20 Unipec-Shell 41.16 PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 41.54 41.69 DME OMAN DIFF TO DUBAI -0.25 -0.40 CASH DUBAI 41.20 41.28 TENDERS COUNTRY/COMPA GRADE VOLUME CLOSE LOADING NY (VALID) DATE **QATAR/QP s:al-Shaheen 3*500KB Oct 14 Dec 2-3, (Oct 15) 11-12, 29-30 **QATAR/QP s:Low Oct 14 Dec Sulphur (Oct 15) Condensate **QATAR/QP s:Deodorized Oct 14 Dec Field (Oct 15) Condensate **RUSSIA/ONGC s:Sokol 700KB Oct 16 Dec 18-24 (Oct 16) MALAYSIA/PERT s:Kidurong 300KB Oct 9 (Oct Nov 26-30 AMINA 13) CHINA/FUHAICH b:condensate Oct 8 Dec arr UANG ***INDONESIA/ b:condensate Oct 13 Dec 1-Jan 8 PERTAMINA arr VIETNAM/PV s:Chim Sao 300KB Oct 9 (Oct Dec 20-24 OIL 16) VIETNAM/BINH b:crude up to Oct 6 (Oct Jan-June SON 7,400KB 9) 2021 NEWS China’s crude oil imports rose 2.1% in September from a month ago as some delayed cargoes finally cleared customs after a months-long port congestion eased, while onshore storage capacity was expanded. Intercontinental Exchange Inc said on Monday it planned to launch ICE Futures Abu Dhabi (IFAD) and trading in Murban futures contracts late in the first quarter of 2021.

A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said on Tuesday. Goldman Sachs said the outcome of U.S. elections would not impact its bullish oil and natural gas outlook and that an overwhelming Democratic victory could be a positive catalyst for these sectors.

Russian oil pipeline monopoly Transneft and producer Rosneft have reached a settlement with Total over dirty oil supplies to the French company’s Leune refinery in Germany, Transneft said on Tuesday. For crude prices, oil product cracks and refining margins, please click on the RICs below. Brent Dubai DME Oman Brent/Dubai EFS PRODUCT CRACKS Fuel oil crack Gasoil crack Naphtha crack Complex refining margins.

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