Middle East Crude Prices: Dubai and Murban Rise While Oman Declines

Middle East crude spot premiums rose for Dubai and Murban, while Oman slipped. Oil prices increased after previous declines due to supply worries linked to U.S. sanctions on Venezuela. Recent cash price movements indicate shifting dynamics in the oil market.

On Thursday, Middle East crude spot premiums for Dubai and Murban increased, while those for Oman experienced a decline. This shift in pricing occurred as oil prices rose following a dip over the preceding two sessions, driven by renewed concerns regarding supply disruptions. These worries were primarily sparked by U.S. President Donald Trump’s announcement to reverse a previously granted operating license for Chevron in Venezuela.

President Trump stated that the reversal of Chevron’s license, previously issued by former President Joe Biden, was necessary due to Venezuelan President Nicolas Maduro’s failure to implement electoral reforms and facilitate the return of migrants. This political decision adds to the existing uncertainties surrounding global oil supply.

In Singapore, cash Dubai’s premium to swaps increased by 19 cents, reaching $3.37 per barrel. Meanwhile, cash prices for Oman dipped from the previous session, indicating the fluctuation in market dynamics. Notably, recent transactions include:
– RELIANCE to VITOL at $75.95/bbl
– UNIPEC transactions, all at $76.00/bbl
– GUNVOR to UNIPEC at $76.00/bbl.

In summary, the crude oil market experienced varied movements on Thursday, with rising premiums for Dubai and Murban juxtaposed against a decline for Oman. Influencing these trends are geopolitical events such as U.S. sanctions affecting Venezuela and the suspension of sanctions on Serbia’s NIS oil company. Additionally, other regional developments signify a complex and fluctuating landscape for crude oil prices moving forward.

Original Source: www.tradingview.com