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Middle East Crude-QatarEnergy sets Nov al-Shaheen term price at 5-month high



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SINGAPORE, Sept 19 (Reuters) -Middle East crude benchmark Dubai's premium stayed firm on Thursday, hovering at the highest level in five months, underpinned by demand from Mitsui and North Petroleum on the window.

Spot premiums for medium-sour benchmarks Dubai and Oman held above $2.20 a barrel while that for light-sour Murban slipped under $2.

While Asian refiners typically process more crude in the final months of the year to meet peak winter fuel consumption, excess diesel supply amid lacklustre demand in the region is weighing on refining margins, capping refiners' appetite for more crude.

Tracking the strength of medium-sour benchmarks, QatarEnergy has set the term price for al-Shaheen crude oil loading in November at the highest in five months, trade sources said.

The November term price was set at $2.09 a barrel to Dubai quotes, $1.22 a barrel higher than the previous month, they said.

QatarEnergy set the price after selling two spot cargoes via a tender.

Aramco Trading bought the cargo loading on Nov. 1-2 at $2.10-$2.20 a barrel above Dubai quotes while Unipec purchased the Nov. 27-28 cargo at a premium of $1.90-$2 a barrel, the sources said.

Separately, QatarEnergy has sold one Qatar Land crude cargo to Japanese refiner Idemitsu at $1.10-$1.20 a barrel above Dubai quotes and also awarded a Qatar Marine crude cargo to Eneos at a premium of $1 a barrel, the sources said.


ASIA-PACIFIC CRUDE

Vietnamese state marketer PV Oil sold a cargo of Chim Sao crude loading in November at the lowest premium in 1-1/2 years as weak margins have reduced feedstock demand at Asian refineries, trade sources said.

The cargo was sold to the domestic Binh Son refinery at a premium of just above $4 a barrel to dated Brent, they added, a decline of more than $2 a barrel from the previous month.


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps was unchanged at $2.26 a barrel.

ExxonMobil will deliver a November-loading Upper Zakum crude to North Petroleum following the deals.

SELLER-BUYER

PRICE ($/BBL)

TRAFIGURA-MITSUI

74.85

RELIANCE-VITOL

74.70

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-NORTH

74.75

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-NORTH

74.79

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85

EXXONMOBIL-MITSUI

74.85


PRICES ($/BBL)


CURRENT

PREV SESSION

GME OMAN

74.82

73.46

GME OMAN DIFF TO DUBAI

2.23

2.27

CASH DUBAI

74.85

73.45


NEWS

U.S. crude oil stockpiles dipped to their lowest level in a year last week, while fuel inventories rose, the Energy Information Administration (EIA) said on Wednesday.

Oil exports from Russia's western ports may rise in October as domestic refineries will increase runs only marginally despite coming out of the peak maintenance season, trading sources said.

Saudi Arabia's crude oil exports in July fell to their lowest level in nearly a year, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.


For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

GME Oman

OQc1

Brent/Dubai EFS

DUB-EFS-1M


PRODUCT CRACKS

Fuel oil crack

FO180SGCKMc1

Gasoil crack

GO10SGCKMc1

Naphtha crack

NAF-SIN-CRK

Gasoline crack

GL92-SIN-CRK

Complex refining margins

REF/MARGIN1



Reporting by Florence Tan; Editing by Eileen Soreng

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