Middle East Crude-Benchmarks fall; spot premiums for sweet grades jump

Middle East Crude-Benchmarks fall; spot premiums for sweet grades jump

SINGAPORE - Middle East crude benchmarks Oman and Dubai eased for a fifth consecutive session on Monday as trade on the Platts window waned.

Qatar Energy has sold one March-loading low-sulphur condensate (LSC) cargo to Unipec at a premium of about $4 a barrel to Dubai quotes via a tender, traders said.

ASIA-PACIFIC CRUDE

Spot premiums for Asia-Pacific grades rose to their highest levels in months amid tight supplies.

PV Oil has sold a March-loading Ruby crude cargo to PTT at a premium of $4.70-$4.80 a barrel to dated Brent, traders said. Petronas sold a Labuan crude cargo loading at the end of March at a premium of $6.50-$7 a barrel, they added.

REFINERY

Japan's biggest oil refiner, Eneos Holdings Inc, expects to keep its refinery run rate at between 70% and 80% for a while as fuel demand remains on a recovery trend, its chairman said on Monday.

Africa's richest man Aliko Dangote expects his oil refinery project in Lagos, Nigeria, to begin production by the end of the third quarter and reach full capacity by early 2023, ThisDay newspaper reported on Monday.

NEWS

The United Arab Emirates intercepted and destroyed two Houthi ballistic missiles targeting the Gulf country on Monday with no casualties, its defence ministry said,