SINGAPORE, March 28 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban tumbled on Monday after global prices slumped as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID-19 infections.
Spot premiums for these benchmarks are $1 to $3 lower than the start of the month, spurring some demand recently.
ExxonMobil has sold May-loading Upper Zakum crude to Sinochem at $7-$8 a barrel above Dubai quotes, traders said, although this could not be independently verified.
"It was a good call on market," a trader said, adding that more Upper Zakum cargoes may have been purchased by Chinese state refiners.
However, "I honestly don't think it shows how prosperous the demand is, probably some short (positions) left uncovered," he said.
Independent refiner ChemChina may have also purchased Oman and Murban crude, traders said.
India's MRPL has also re-issued a tender this week seeking May-loading cargoes.
Separately, the Abu Dhabi National Oil Company (ADNOC) has informed at least three buyers in Asia that it will supply full contractual volumes of crude in May, steady from the previous month, trade sources said on Monday.
ASIA-PACIFIC CRUDE North West Shelf condensate for May loading traded at $2-$3 a barrel below dated Brent as naphtha cracks have slumped.
BHP is still holding onto the late May cargo.
WINDOW Cash Dubai's premium to swaps slipped $1.17 to $6.41 a barrel. Reliance will deliver a May-loading Upper Zakum crude cargo to Vitol following Monday's deals. This is the third Upper Zakum crude cargo to be received by Vitol this month. Seller-Buyer Price Reliance-Vitol 110.70 Unipec-Vitol 110.65 Reliance-Vitol 110.85 Unipec-Vitol 110.65
PRICES ($/BBL)
CURRENT PREV SESSION DME OMAN 110.70 112.29DME OMAN DIFF TO DUBAI 6.46 7.97 CASH DUBAI 110.65 111.90
TENDERS
COUNTRY/COMPANY GRADE VOLUME CLOSE (VALID) LOADING DATE *INDIA/MRPL b: crude 650/1000KB March 30 (March May 30) REFINERYYemen's Houthis said they launched attacks on Saudi energy facilities on Friday and the Saudi-led coalition said oil giant Aramco's petroleum products distribution station in Jeddah was hit, causing a fire in two storage tanks but no casualties.
NEWS Oil producers who felt like outcasts at the COP 26 climate conference last year are now being treated like superheroes because their supplies are in strong demand, UAE energy minister Suhail al-Mazrouei said on Monday at an industry event.
U.S. oil exports have climbed following Russia's invasion of Ukraine, and barrels of domestic oil that would typically go to the Cushing, Oklahoma, storage hub are instead being exported via the Gulf Coast, traders said.
China's state-run Sinopec Group has suspended talks for a major petrochemical investment and a gas marketing venture in Russia, sources told Reuters, heeding a government call for caution as sanctions mount over the invasion of Ukraine.
Sinopec is planning its highest capital investment in history for 2022 after recording its best profit in a decade, echoing Beijing's call for energy companies to raise production.
India is not considering buying oil from Russia or any other country using Indian rupees, the junior oil minister told parliament on Monday, after Western nations imposed sanctions on Russia over its invasion of Ukraine.
Commodities traders such as Trafigura and Vitol have helped keep Russia's oil flowing through its Baltic and Black Sea ports in March, when some Western firms started to snub the market, according to ship tracking, traders and shipping sources.
For crude prices, oil product cracks and refining margins, please click on the RICs below. Brent BRENTSGMc1 Dubai DUBSGSWMc2 DME Oman OQc1 Brent/Dubai EFS DUB-EFS-1M PRODUCT CRACKS Fuel oil crack FO180SGCKMc1 Gasoil crack GOSGCKMc1 Naphtha crack NAF-SIN-CRK Complex refining margins
REF/MARGIN1 ((RECENT CRUDE OIL TRADES: Asia Europe Americas CRUDE OIL MARKET NEWS Crude oil tenders in Asia Crude oil supply outages in Asia Refinery outages in Asia Global arbitrage news and flows W.African crude imports to Asia, monthly REFINERY MAINTENANCE DIARIES
Asia Middle East Europe NATIONAL CRUDE IMPORT DATAJapan
METI/JP1 China India S.Korea Indonesia CRUDE OIL INVENTORY DATAJapan US Europe CRUDE OIL PRODUCTION/OILFIELD NEWSOPEC output survey New Africa fields New projects New Americas fields CRUDE OIL MARKET REPORTS Middle East Asia-Pacific West Africa North Sea Asia outlook Europe outlook Global futures report Technicals report PRICES For all Official Selling Prices For a POLL on oil prices NYMEX and ICE oil futures OILOIL TOCOM crude oil futures
0#JCO: Dubai, Oman swaps and spreadASIA/SWAP/CRUDE Middle East physical crude diffsCRUDE/ASIA2 Australia physical crude, Tapis swapsCRUDE/ASIA1 Asia-Pacific physical crudeCRUDE/ASIA3 All Asian crude oil differentials0#C-DIF-A All Asian crude oil outright prices0#C-A ))
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