SINGAPORE: The Middle East crude benchmarks were mixed on Thursday with Oman slipping to a wider discount while Dubai was supported by purchases by Shell of three August partials from Unipec and Reliance.
MIDEAST
Unsold supplies from previous months and lower demand from China are depressing Oman's value this month, traders said.
Almost 10 percent of China's refining capacity is set to be shut down during the third quarter, signalling that demand growth from the world's biggest crude importer is flagging.
Abu Dhabi's flagship Murban is also weighed down by supplies in storage although discounts for August-loading cargoes have held at about 15 cents to its OSP.
A Thai refiner has bought four cargoes of Murban crude for August-loading around this level.
Das crude, in comparison, stayed in the positive territory as its OSP was more attractive. At least one Das cargo has been sold to Thailand at parity to its OSP.
RUSSIA
Sakhalin Energy has sold five cargoes loading in late August to September at $1-$1.60 a barrel above Dubai quotes, in line with higher premiums from last month.
Russian ESPO premiums held steady. Trafigura has sold ESPO cargoes loading in the first 10 days of August at 70-80 cents a barrel above Dubai quotes. Gazprom may have sold a cargo for loading on Aug. 3-13 at a premium of 80-90 cents.
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