SINGAPORE: QatarEnergy has raised the term price for al-Shaheen crude oil loading in March, trade sources said on Thursday, setting it at a premium that has been the highest in more than two years.
The term price has risen by $2.76 to $3.81 per barrel, from the premium of $1.05 per barrel set for February-loading cargoes, the sources said.
The premium is at its highest level since prices were set in October 2022 for cargoes loading in December that year.
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The hike comes after a strong rally in Middle East benchmarks this week, as latest US sanctions on Russia led Asian buyers rush to source alternative supplies from the Middle East and other regions.
Spot premium of Dubai rose $1.35 to $3.08 a barrel on Monday, posting the biggest daily gain since at least September 2020.
Qatar sold two al-Shaheen cargoes to Totsa at a premium of $3.70-$3.80 a barrel above Dubai prices, according to the sources.
Qatar has also awarded a Qatar Marine crude cargo at a premium of about $3 a barrel above Dubai prices to Unipec and a Qatar Land crude cargo at a premium of above $2 a barrel above Dubai prices to PTT, they said.
The companies typically do not comment on commercial deals.
All the cargoes are 500,000 barrels each.
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