Middle East Crude-Benchmarks ease after previous rally, healthy fundamentals support

Middle East crude benchmark spot premiums of Oman, Dubai and Murban declined for a second session on Wednesday, after a strong rally previously, while it remained supported by tight near term supply and healthy summer demand.

Market participants are waiting for the tender result by Qatar Energy with five al-Shaheen cargoes which closed on Tuesday.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 8 cents to $2.90 a barrel.

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

PRICES ($/BBL)

NEWS

OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook.

Lower prices for oil and liquefied natural gas will weigh on French oil major TotalEnergies' TTE second-quarter earnings, even as its hydrocarbon production rose slightly, it said in a trading update on Wednesday.

Abu Dhabi National Oil Company said on Wednesday it plans to transfer its 24.9% shareholding in Austria's OMV AG OMV to its XRG investment unit ahead of the establishment of a chemicals company combining existing OMV and ADNOC firms.

Indonesian state energy company Pertamina (PERTM.UL) said on Wednesday it had signed memorandums of understanding with several companies to optimise feedstock and crude oil, following the trade deal between Indonesia and the United States.

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