Qatar Energy Sells Feb al-Shaheen at 20-Month Low Premiums

Qatar Energy has sold five cargoes of al-Shaheen crude loading in February at premiums of between US$1.30 and US$1.50 a barrel to Dubai quotes via its monthly tender, two trade sources said. The premiums are the lowest since June 2021 and follow a weak market this month when spot premiums for Middle East crude plunged to multi-month lows on concerns over sluggish demand and potential supply overhang.

Shell, Cosmo, Sinochem and ExxonMobil are likely to have bought the cargoes, the sources said. Qatar Energy likely set the February term price at a premium of US$1.50 a barrel after the tender was awarded, the sources said. That was down from $2.60 in the previous month.