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Middle East Crude-Dubai and Oman firms; EFS retains volatile swing

news-details

Middle East crude benchmarks Dubai and Oman rose on Monday, with two cargo deliveries of Upper Zakum emerging, while the Brent’s Exchange Futures for Swaps (EFS) to Dubai widened sharply again amid recent volatility.

The November EFS spread DUB-EFS-1M was pegged at a premium of $2.70 a barrel at the Asia close (0830 GMT) on Monday, compared with $1.90 a barrel on Friday, LSEG data showed.

The spread had undergone volatile swings in recent sessions, widening sharply in the earlier half of last week before narrowing, but widened again on Monday.

A wider Brent-Dubai spread makes crude produced in the Atlantic Basin more expensive for Asian refiners, who may potentially turn to more Middle Eastern barrels.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps edged higher by 8 cents to $2.82 a barrel.

Exxon Mobil and Reliance each delivered a cargo of November Upper Zakum crude to Gunvor, respectively.

NEWS

The Russian government has approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels, a government document showed on Monday.

Nigeria expects to lift oil production to 2.1 million barrels per day (bpd) by the end of next year after oil companies operating in the country committed investments of $13.5 billion in the short term, the presidency said.

Portuguese oil company Galp said on Monday it had teamed up with Japan’s Mitsui to invest 400 million euros ($426 million) in an industrial-scale plant to produce biodiesel and biojet fuel from waste at its Sines refinery.

The Tokyo Stock Exchange will start trading carbon credits on Oct. 11, it said on Friday, launching Japan’s first exchange-based carbon market as the world’s fifth-largest carbon dioxide emitter moves to tackle climate change.
Source: Reuters 

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