Dubai and Murban crude premiums rose while Oman’s slipped. Oil prices gained amid supply concerns after President Trump reversed Chevron’s license in Venezuela. Eni reported a 46% profit drop, while sanctions on Serbian NIS were temporarily lifted. Singapore’s distillates inventories fell, and Iraqi oil disputes saw resolution allowing Russian projects to resume.
On Thursday, spot premiums for Middle East crude benchmarks Dubai and Murban increased, while Oman experienced a decline. Oil prices rebounded after a two-day drop, driven by renewed concerns over supply following U.S. President Donald Trump’s announcement of reversing Chevron’s license to operate in Venezuela. Trump accused President Nicolas Maduro of failing to progress on electoral reforms and migrant returns, prompting these market reactions.
In Singapore, cash Dubai’s premium against swaps saw an increase of 19 cents to $3.37 per barrel. Notable cash deals included Reliance selling to Vitol at $75.95 and multiple transactions involving Unipec and Vitol at $76.00. GME Oman prices fell to $74.95, marking a decrease from the previous session, while the cash Dubai price remained steady at $76.00.
Eni, the Italian energy conglomerate, reported a significant decline of 46% in its fourth-quarter adjusted net profit, citing lower energy prices and reduced performance in its refining, biofuel, and chemicals divisions. Additionally, U.S. sanctions on Serbian oil company NIS have been temporarily suspended for 30 days, as announced by President Aleksandar Vucic, allowing its operations to continue despite Russian ownership.
Official data indicates that Singapore’s middle distillates inventories declined for the second consecutive week, amidst rising net exports despite increased diesel and gasoil imports. Furthermore, reports from TASS state that Iraqi Kurdistan and the federal government reached an agreement to resolve their oil disputes, enabling Russian companies to restart their projects in the region.
In summary, the latest developments in the Middle East crude market indicate an upward trend for Dubai and Murban spot premiums, while Oman’s prices declined. Key factors influencing this market activity include geopolitical events and changes in U.S. policies regarding oil operations in Venezuela. Additionally, the oil industry faces challenges, as evidenced by Eni’s profit drop and the changing dynamics in Serbian and Iraqi oil sectors.
Original Source: www.tradingview.com
