The Middle East crude benchmarks for Dubai and Murban saw price increases on Thursday, while Oman’s benchmark decreased. Oil prices rose due to renewed supply concerns after Trump revoked Chevron’s license in Venezuela. Eni reported a significant profit drop, and Singapore’s middle distillates inventories declined.
On Thursday, Middle East crude benchmarks saw an increase in spot premiums for Dubai and Murban, while Oman’s benchmark experienced a decline. Oil prices rebounded after a dip in the previous sessions, as concerns about supply were reignited by United States President Donald Trump’s decision to revoke Chevron’s license to operate in Venezuela. President Trump criticized Venezuelan President Nicolas Maduro for failing to make meaningful electoral reforms or progress on migrant returns.
Cash Dubai’s premium against swaps increased by 19 cents, reaching $3.37 per barrel. Notable cash transactions included Reliance trading at $75.95 and multiple transactions at $76.00 involving Unipec and Gunvor. The current GME Oman price stood at $74.95, down from $75.79 in the previous session, with its differential to Dubai recorded at 2.32.
Eni, the Italian energy group, reported a substantial 46% drop in its fourth-quarter adjusted net profit due to declining energy prices coupled with challenges in its refining and biofuel divisions. Additionally, the United States has imposed a 30-day suspension of sanctions on Serbia’s NIS oil company, which predominantly operates the nations’ only refinery, as stated by President Aleksandar Vucic.
Official data revealed that Singapore’s middle distillate inventories fell for the second consecutive week, driven by an increase in net exports even amid rising diesel and gasoil imports. In related developments, it was reported that Iraqi Kurdistan and the federal government reached an agreement to resolve oil disputes, enabling Russian firms to resume their operations in the region, according to Russia’s Energy Minister, Sergei Tsivilev.
In summary, the spot premiums for Dubai and Murban have risen while Oman’s has declined amidst fluctuating oil prices due to geopolitical influences. Concerns surrounding U.S. sanctions on Venezuela have impacted market dynamics. Additionally, Eni faced profit declines, while Singapore’s inventories reduced, indicating shifts within the global oil market.
Original Source: www.tradingview.com
