Middle East Crude-Benchmarks rally, supported by global supply disruptions

Middle East crude benchmark spot premium of Murban surged on Thursday to its highest in nearly six months, while that of Oman and Dubai also strengthened amid supply disruptions.

Market participants took note of news reports suggesting issues in loading CPC exports from Kazakhstan through the Black Sea due to Russian administrative interference, and reports of contamination around loadings for Azeri crude from Ceyhan in Turkey.

Kazakhstan's energy ministry, however, said that the country had not halted oil loadings via Russian sea ports, the Interfax news agency reported on Thursday.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 10 cents to $2.91 a barrel.

Hengli will deliver a September-loading Upper Zakum crude cargo to Vitol following the deals.

PetroChina will deliver a September-loading al-Shaheen crude cargo to Gunvor following the deals.

Glencore will deliver a September-loading Upper Zakum crude to Gunvor following the deals.

PRICES ($/BBL)

NEWS

Azeri BTC crude loadings from the Turkish port of Ceyhan were suspended as a test result was awaited on the contamination of organic chloride in the flows, a port agent told Reuters on Thursday.

Foreign oil tankers are being temporarily barred from loading at Russia's main Black Sea ports following new regulations, two industry sources said on Wednesday, effectively blocking exports from Kazakhstan handled largely by a consortium partly owned by U.S. energy majors.

TotalEnergies TTE reported a 23% fall in second-quarter earnings on Thursday, the French oil major's worst performance in four years but in line with analyst expectations, as lower oil and gas prices outweighed a rise in production and power sales.

U.S. crude oil and gasoline inventories fell last week, buoyed by stronger demand and exports, while distillate stockpiles rose, the U.S. Energy Information Administration (EIA) said on Wednesday.

Investors are expecting top U.S. refiners to report higher second-quarter profits, bouncing back from losses during the first three months of the year as unseasonably strong diesel margins boost earnings.

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