Middle East crude benchmarks Oman, Dubai and Murban rebounded on Thursday, amid active physical trades.
The market was awaiting tender results for Qatar Energy’s October al-Shaheen, Qatar Land and Qatar Marine crude. The tender was closed on Wednesday and remained valid until Thursday.
Vietnam’s PV Oil was heard having sold an October Chim Sao cargo at more than $8 a barrel over Dated Brent to an Australian refiner. Chim Sao was last traded at about $6.3 a barrel over Dated Brent for Aug-loading cargo.
It also sold an October Su Tu Den cargo to a Thai refiner at about low-$6 a barrel over Dated Brent, traders said.
Malaysia’s crude oil exports to stay at seven cargoes in October, same as the previous two months.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 16 cents to $2.01 a barrel. Glencore will deliver one October-loading Oman crude to Vitol following the trades.
NEWS
Norwegian oil company DNO DNO.OL said on Thursday it had last month partly resumed production at its Tawke field in the Iraqi Kurdistan region, delivering oil to the local market at a discount as a key export pipeline remained shut.
Venezuelan state oil company PDVSA has failed to make any dent in its oil spill or gas flaring woes, despite nascent promises of environmental clean-up by President Nicolas Maduro’s government, according to people within the company, industry sources and an internal company document seen by Reuters.
Singapore’s middle distillates inventories clawed back earlier weeks’ of losses and rose on higher gasoil imports, with Indian-origin cargoes arriving for the first time in more than three months, official data showed on Thursday.
U.S. crude oil inventories fell last week as oil refiners increased run rates and exports surged, while crude production reached its highest since the coronavirus pandemic decimated fuel consumption, Energy Information Administration data showed on Wednesday.
Vietnam’s Nghi Son Refinery and Petrochemical complex, in which Kuwait Petroleum International (KPI) owns a stake, could incur a $1 billion loss this year, an official document signed by Kuwait’s oil minister and seen by Reuters on Wednesday showed.
Source: Reuters (Reporting by Muyu Xu; Editing by Varun H K)
