SINGAPORE- Middle East crude benchmarks Oman and Dubai dropped on Thursday due to weak demand and poor refining margins.

Brent's discount to Dubai swaps widened by 5 cents to $3.45 a barrel, setting a record since at least 2004 when the data became available, Refinitiv Eikon data showed.

Trafigura bided a May-loading cargo of Das Blend crude at a discount of 95 cents to its official selling price (OSP) via RIM Trading Board, but did not attract any sellers.

Total offered a cargo of Das Blend crude and a cargo of Murban crude, both loading during May 1-25, at a discount of 69 cents to its OSP, but did not attract any buyers.

May-loading Qatar Marine crude and Qatar Land crude were traded at spot discounts of around $3.40 and around $3.60 to Dubai quotes. Shell and Reliance were likely buyers of the cargoes.

 

ASIA-PACIFIC CRUDE:

Russia's Rosneft awarded a spot tender to sell five cargoes of ESPO Blend crude oil for loading in May at premiums around $2 per barrel to Dubai May swaps, traders said.

Rosneft offered cargoes of 100,000 tonnes each loading from Kozmino port on May 1-6, 6-11, 11-16, 21-26 and 25-30, traders said. 

REFINERY

Japanese refiners may need to adjust run rates to meet falling fuel demand because of the spreading coronavirus outbreak, the head of the Petroleum Association of Japan (PAJ) said on Thursday. urn:newsml:reuters.com:*:nL4N2BC1VJ

 

NEWS

Iraq's Oil Marketing Company (SOMO) has informed its customers it is unable to compensate for a big jump in freight costs for crude oil cargoes heading to Europe and the Americas in April, a copy of a notice reviewed by Reuters showed on Thursday. 

After a frantic week that sent crude oil freight rates to record highs amid a bookings bonanza to ship Saudi oil to the world, rates are now easing as charterers balk at the nosebleed charges and await Saudi volume plans for April, shipping sources said. 

Crude oil traders from West Africa to the U.S. Gulf Coast are offering cargoes at deep discounts, desperately trying to attract buyers as global supplies swell and demand plunges. 

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting By Shu Zhang, Editing by Sherry Jacob-Phillips) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))