Middle East crude benchmarks were mixed on Monday, with Dubai declining amid the further narrowed Brent/Dubai spread while Murban rose over improved gasoil and naphtha cracks.
The premiums of Brent futures to Dubai swaps, known as Brent/Dubai EFS, fell to the lowest level this month at $0.27 a barrel. A narrower EFS would encourage Asian refiners to move more oil from the Atlantic Basin.
Spot premiums for light sour Murban climbed to a three-week high of $2.48 a barrel over the Dubai quotes, supported by the growing diesel and naphtha margins.
The reduced crude output from Kazakhstan, mostly light sweet CPC Blend, also supported oil prices for light crude.
Chinese oil refiners and petrochemical companies are investing tens of billions of dollars to produce high-end chemicals for solar panels and lithium-ion batteries to profit from the growing demand for energy transition technologies.
Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said on Friday, and the group is “only a phone call away” if any further steps are needed.
Malaysia state oil firm Petroliam Nasional Berhad, or Petronas, said on Monday it has made six oil and gas discoveries in five blocks off the coast of Sarawak.
U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.
Source: Hellenic Shipping News
