Middle East Crude-ESPO premiums slip again as China demand slows

middle east china crude premiums demand
Middle East

Middle East Crude-ESPO premiums slip again as China demand slows

SINGAPORE- Middle East crude benchmark Dubai recovered on Wednesday, edging up slightly after dropping for four straight sessions, although expectations of more supplies from OPEC and lower demand from China still weigh on prices. Russian ESPO crude's spot premiums slipped further in Surgutneftegaz's second tender that closed on Monday amid lower demand from China's independent refiners. The Russian producer sold three cargoes at $2.60-$2.80 a barrel above Dubai quotes to buyers including , traders said, slipping from premiums of about $2.90 in the first tender. Surgut issued a third tender to sell another three cargoes which will close later on Wednesday. Thai refiner IRPC has bought a Banoco Arab Medium crude cargo at about 60 cents a barrel below its official selling price for September loading. Taiwanese refiner purchased a September-loading cargo of Upper Zakum crude although the price was not immediately known. More details emerged for Qatar Petroleum's tenders that closed last week. Shell bought all three al-Shaheen crude cargoes loading in September at $2.40-$2.90 above Dubai quotes which led QP to set the crude's term price at a premium of $2.87 a barrel, traders said. QP also sold Qatar Marine crude to an unknown buyer at $2.50-$2.60 a