1 week Ago By hellenicshippingnews...
Middle East crude benchmark spot premiums for Oman, Dubai and Murban all rose on Friday amid expectations that top oil exporter Saudi Arabia may raise crude prices for Asian buyers in February for the first time in three months. The February official selling price (OSP) for flagship Arab Light may rise by 20 to 50 cents a barrel after falling to a four-year low in the previous month, a Reuters survey of six sources at Asian refineries said. Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million barrels per day (bpd) of crude bound for Asia.
Meanwhile, oil prices are poised for weekly gains after closing at their highest in more than two months in the previous session, underpinned by expectations of further economic stimulus in China and lower U.S. interest rates.
Cash Dubai’s premium to swaps rose 50 cents to $1.64 a barrel. Russian oil product exports from the Black Sea port of Tuapse are set to fall to 798,000 metric tons in January, down 9.
8% from the 885,000 tons scheduled for December, two traders said on Friday. U.S.
crude stocks fell while gasoline and distillate inventories rose sharply as demand weakened in the week ending December 27, the Energy Information Administration (EIA) said on Thursday. U.S.
energy executives expect faster permitting times for drilling on federal lands under President-elect Donald Trump, according to a Federal Reserve Bank of Dallas survey released on Thursday. Source: Reuters.
