Middle East crude benchmarks, including Oman, Dubai, and Murban, continued to see increases on Monday, reaching their highest premiums this month. This rise comes as Taiwanese refiner CPC issued its monthly tender for sweet crude deliveries scheduled for June. This tender will close on March 18, with offers remaining valid until March 20. In the Asia-Pacific region, PV Oil successfully sold its Chim Sao crude, scheduled for May loading, to Bangchak Petroleum at a premium of approximately $5.50 per barrel compared to dated Brent prices.
Meanwhile, in Singapore, cash Dubai’s premium to swaps increased by 15 cents, reaching $1.57 per barrel. PetroChina is set to deliver two shipments of May-loading Upper Zakum to Gunvor and Vitol as part of these transactions. On the refinery front, reports from TASS and RIA indicate that an explosion at an oil refinery in the Russian city of Ryazan resulted in one death and three injuries. In broader news, official data released on Monday showed that China’s crude oil throughput in January and February experienced a 2.1% year-on-year increase.
This boost was attributed to a new refinery and heightened holiday travel. However, weak refining margins remain a concern. Additionally, oil executives and analysts have indicated that Asia’s capacity to produce sustainable aviation fuel will surpass regional demand both this year and the next. Goldman Sachs recently revised its price forecasts for Brent and WTI crude oil, lowering projections for December 2025 and average prices for 2026 due to expectations of slower oil demand growth and higher supply from OPEC+.
In the UAE’s Fujairah, which stands as the world’s third-largest bunkering hub, marine fuel sales dipped in February to their lowest levels since the beginning of data publication in 2021.