Middle East Crude-Benchmarks extend losses; ESPO premium rises

Middle East Crude-Benchmarks extend losses; ESPO premium rises

SINGAPORE- Middle East crude benchmarks Oman and Dubai extended losses on Thursday despite a recovery in Russian ESPO crude premiums. Unipec will deliver a February-loading Oman crude cargo to Gunvor following deals on Platts window. RUSSIAN CRUDE Spot premiums for Russian ESPO crude rose further in two tenders this week as China's demand recovered for cargoes loading in second-half of February, trade sources said. "Market is hotter than last week," one of the sources said, adding that refiners were topping up on low inventory amid low crude prices and as refining margins were holding firm. Surgutneftegaz sold a cargo for Feb. 24-28 loading at $3.40-$3.50 a barrel above Dubai quotes likely to Shell, the sources said, edging up from $3.10-$3.15 in the previous tender. Another producer Gazprom Neft sold a cargo for Feb. 14-28 loading to Unipec at a premium of about $3.40 a barrel, they said. ASIA-PACIFIC CRUDE ConocoPhillips has sold a February-loading Kimanis crude cargo at $6 a barrel above dated Brent, probably to PTT , traders said. Petronas has also sold a Labuan cargo loading in the same month at similar levels, they said. PV Oil has sold February-loading Bunga Orkid cargo at about $5 a barrel