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2026-02-19 17:59:10
[Middle East crude oil benchmark Dubai rises for fifth consecutive day, driven by strong demand from Total and Mercuria] ⑴ On Thursday, the price of Dubai crude oil, the Middle East benchmark, rose for the fifth consecutive trading day, mainly supported by strong demand from Total Energy and Mercuria. The two companies purchased a total of 106 shipments in Dubai swap transactions on the day, resulting in the French energy giant receiving three shipments and a European trader receiving one physical shipment. ⑵ The Singapore oil market was closed on Tuesday and Wednesday for the Lunar New Year holiday, but trading was active after resuming today. The premium of Dubai spot to swaps rose to $1.09 per barrel, up 5 cents from Monday's close. ⑶ In terms of trading dynamics, Shell will deliver one shipment of Upper Zakum crude oil each for April loading to Mercuria and Total Energy, while Total will also receive one shipment of Oman crude oil from Vitol. Phillips 66 will deliver one shipment of Dubai crude oil for April loading to Total. ⑷ In terms of tenders, India's MRPL has issued a tender seeking to purchase up to 2 million barrels of crude oil, with the tender closing on February 18. The company purchased Kissange and Mostada crude oil from ExxonMobil in its last tender. Furthermore, data shows that the share of Russian crude oil in India's imports has fallen to its lowest level since the end of 2022, while the share of Middle Eastern crude oil has risen to its highest level in the same period. China's imports of Russian crude oil in February are expected to climb to a new high for the third consecutive month.
