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Markets

Middle East Crude-Benchmarks rise on Asia refinery demand

  • The deals could not be independently verified as the companies do not typically comment on such commercial matters.
Published January 21, 2021

SINGAPORE: Middle East crude benchmarks Oman and Dubai rose on Thursday as Asian refiners snapped up March-loading sour crude cargoes and spot premiums for Russian Sokol crude rebounded.

ONGC sold one Sokol crude cargo, loading Mar. 28-Apr. 3, at around $1.2 above Dubai quotes via a spot tender awarded late on Wednesday, likely to China's Unipec, traders said.

Trafigura was also heard to have offered a Sokol crude cargo via a tender on Thursday. Further details are not yet clear.

Days earlier, March-loading Sokol was sold at around 80 cents above Dubai quotes to Korean buyer SK Energy.

China's Rongsheng was heard to have bought 4 million barrels of sour crude, likely 2 million barrels each of Das and Oman, via a tender closed on Thursday, traders said. Further details are not yet clear.

Thailand's IPRC was heard to have bought 2 million barrels of sour crude, likely including Das and Upper Zakum, via a tender closed on Tuesday, traders said.

Das was heard to be traded at small premiums to OSP in the tender, while Upper Zakum was heard to be bought at a discount of above 15 cents to OSP.

Japan's Cosmo Oil was heard to have bought a few cargoes of Das crude via spot trades, traders said, with prices varying from discounts of around 10 cents to small premiums to OSP.

The deals could not be independently verified as the companies do not typically comment on such commercial matters.

Gazprom Neft offered one Russian ESPO crude cargo, loading Mar. 3-13, via a tender closing on Thursday.

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