Middle Eastern crude oil benchmark discount falls to the lowest point in more than two months

(1) The spot premiums for Middle Eastern crude benchmarks Oman, Dubai, and Murban declined on Wednesday as traders continued to sell, while high freight rates suppressed buying interest. (2) These premiums are at their lowest levels since early August. (3) In the spot market, traders said Abu Dhabi National Oil Company sold December-loading crude to Asian refineries in its latest spot tender, supplying key markets. (4) In Singapore cash trading, the Dubai crude premium over swaps dropped by about 61 cents to approximately $7.35 per barrel. (5) After the transaction, BP will deliver a cargo of December-loading Oman crude to Trafigura. (6) Glencore will deliver a cargo of December-loading Murban crude to Trafigura. (7) United Petrochemical will deliver a cargo of December-loading Oman crude to each Trafigura and ExxonMobil. (8) Going forward, attention needs to be paid to freight rate fluctuations, Asian refinery procurement pace, and whether Middle Eastern crude discounts can stabilize.