Middle East Crude-Benchmarks ease; Surgut sells more ESPO

Middle East Crude-Benchmarks ease; Surgut sells more ESPO

SINGAPORE- Middle East crude benchmarks Oman and Dubai eased on Wednesday, along with Murban, as trading gradually winds down for December-loading cargoes. Taiwanese refiner CPC may have bought Upper Zakum crude in a tender for December loading, traders said, although there were no further details. CPC has also issued its monthly sweet crude tender for January arrival. Russian ESPO crude premiums eased from near two-year highs after Surgutneftegaz sold its remaining four cargoes loading in December in its third tender. The premiums for the four cargoes in a tender awarded late on Tuesday were in the range of $5 and about $5.70 a barrel to Dubai quotes, they said. Three of the cargoes were sold at premiums of $5.50 and above while the end-month cargo fetched a premium of $5 because of the Dubai market structure which values prompt cargoes at higher levels, the sources said. ChemChina bought two cargoes while Vitol and Mitsui purchased one each, the sources said. The cargoes are for loading on Dec. 16-23, 20-27, 23-30 and 26-31. REFINERY Oil refiners are ramping up output to meet a synchronised uptick in demand across Asia, Europe and the United States, but plant maintenance and high natural gas