SINGAPORE: Middle East crude benchmarks were mixed on Thursday with cash Dubai's premium falling below $1 a barrel, while DME Oman's premium rose.
Murban's spot discount will likely widen after GS Caltex offered a September-loading Murban crude cargo at 25 cents a barrel below its official selling price (OSP) on Platts window, 2 cents lower than its offer on Wednesday.
Bids for Upper Zakum cargo are likely to place a floor for the grade. Shell bid for a September-loading Upper Zakum cargo at 25 cents below its OSP while Total also bid for a cargo at 85 cents a barrel above Dubai quotes.
QATAR: Qatar has set its June retroactive OSP for its Marine crude at $63.45 a barrel, down $7.55 from the previous month, a source with direct knowledge of the matter said.
That sets the OSP premium for Qatar Marine at $1.69 above Dubai quotes for June, up 7 cents from a month ago.
Qatar also set its June Qatar Land crude OSP at $63.55 a barrel, down $7.50 from the previous month.
That puts Land crude's OSP premium to Dubai quotes at $1.79 a barrel, 12 cents higher than the previous month.
SHIPPING: Asian oil refiners are being squeezed by rising freight rates and insurance costs for shipping crude from the Middle East after attacks on ships in the Gulf last month, industry officials and analysts said.
The war risk insurance premium (WRP) for ships travelling in the Gulf has risen 10-fold as a result, according to industry participants.
Meanwhile, the freight rates for very large crude carriers (VLCC) from Gulf oil terminals to Asian ports have jumped about 30pc since the attacks, according to Refinitiv data.
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