Oil-producing Qatar lifts September term price for al-Shaheen crude to its highest level in five months, as stated by unnamed sources.
In a recent development, QatarEnergy has announced an increase in the price of its al-Shaheen crude for September loading, marking a significant hike of $3.33 per barrel above Dubai quotes. This price increase is the highest in five months for al-Shaheen crude.
The sales of QatarEnergy's crude were made through a monthly tender process, with multiple buyers participating in September. Among the buyers were PetroChina, Vitol, and Japanese refiner Idemitsu Kosan, who purchased five cargoes of al-Shaheen crude loading in September. PTT and another unnamed entity also purchased QatarEnergy's September-loading Qatar Marine and Land crude.
The rise in spot premiums for Middle East crude, including al-Shaheen crude, seems to be the primary cause of the price increase. This trend is supported by robust diesel margins, particularly significant for diesel. However, the specific reasons behind this robustness remain unclear.
It is worth noting that the premiums for Qatar Marine and Land crude, as sold to PTT, are above Dubai quotes but lower than the premium for al-Shaheen crude. The exact relationship between these premiums and the overall price hike for al-Shaheen crude is not specified.
This increase in al-Shaheen crude price comes amidst continued volatility in the global oil market. Factors such as global demand, supply chain disruptions, geopolitical tensions, and economic policies play a significant role in shaping oil prices. For instance, geopolitical events like the Ukraine war and sanctions on Russia have had a substantial impact on global oil prices and supply dynamics.
For more detailed insights into the specific factors influencing al-Shaheen crude prices in September 2022, it would be beneficial to consult industry-specific reports or historical data from that period.
The price increase for QatarEnergy's al-Shaheen crude in September was primarily driven by a rise in spot premiums for Middle East crude, significantly impacting the overall prices. This development occurred amidst continued volatility in the global oil-and-gas industry, with factors such as global demand, supply chain disruptions, geopolitical tensions, and economic policies playing a crucial role in shaping oil prices.
