Middle East Crude-Benchmarks fall; Brent-Dubai EFS widest since Nov 2019
- The wide Brent-Dubai price spread deterred Asian buyers from purchasing more Atlantic Basin oil priced off Brent and capped spot premiums of regional grades.
- Petroleum Brunei has sold its Kimanis crude cargo loading in early June at $1.10 a barrel above dated Brent, while ConocoPhillips sold its cargo likely to Ampol at a premium of $1.30 a barrel, a trader said.
SINGAPORE: Middle East crude benchmarks Oman and Dubai slipped on Monday as most refiners have completed their purchases of June-loading cargoes, while Brent's premium to Dubai stretched to its widest since November 2019.
The wide Brent-Dubai price spread deterred Asian buyers from purchasing more Atlantic Basin oil priced off Brent and capped spot premiums of regional grades.
Petroleum Brunei has sold its Kimanis crude cargo loading in early June at $1.10 a barrel above dated Brent, while ConocoPhillips sold its cargo likely to Ampol at a premium of $1.30 a barrel, a trader said.
Thai refiner IRPC has bought a rare cargo of Pakistani condensate from Trafigura via its monthly tender, traders said, although this could not be independently confirmed.
Separately, IRPC also bought one cargo of Das crude via a tender at a premium of about $1.40 a barrel to Dubai quotes, traders said.
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