SINGAPORE: Middle East crude benchmark Dubai stayed weak on Monday as sellers outnumbered buyers on window.
Cash Dubai was at 2 cents a barrel above swaps after 12 December partials were traded at $49.40-$49.45. SK Energy sold an Upper Zakum cargo to Shell at 10 cents above its OSP, traders said.
This is the fourth Upper Zakum cargo Shell has purchased on window this month, in addition to an al-Shaheen cargo it took delivery last week, they said.
More details emerged for CPC's crude purchase tender. The Taiwanese refiner bought three Upper Zakum cargoes - two from Total and one from Shell - for loading in November-December and an Oman cargo, a trader said. The deals could not be independently verified.
Russian grades remained supported by strong refining margins for light and middle distillates products, traders said. ESPO's premium stayed in the range of $3-$3.50 a barrel, with more December-loading cargoes are expected to be released for sale this week.
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