Middle East

　In the trade of January-loading Abu Dhabi grades, India's state-run Indian Oil Corp (IOC) secured two cargoes each of Murban and Upper Zakum via its additional Jauary-loading sour crude buy tender closed on Nov 14. IOC earlier bought two cargoes of Murban in the its first January-loading sour crude buy tender, boosting its procurements for January-loading Abu Dhabi grades to a total of six cargoes. Meanwhile, Taiwan's CPC and PTT Public Co in Thailand purchased one cargo each of Upper Zakum through their January-loading sour crude buy tender.

Africa/Europe/Russia/America

　Spot differentials for December-loading East Siberia's ESPO narrowed. Worsening crack spreads in China weighed on the ESPO values. Russian producer Surgutneftgaz sold two cargoes of ESPO via its second sell tender for January-loading ESPO closed on Nov 20. The prices were said to be at premiums of $6.70-6.90 to Dubai quotes. In addition, Surgutneftgaz closed on Nov 22 its third sell tender for January-loading ESPO. The tender was for three cargoes for end month loading.

Asia Pacific

　Spot differentials for January-loading Malaysian Labuan widened. Ahead of tightening sulfur regulations for bunker oil by the International Maritime Organization (IMO) starting January 2020, demand for Labuan rose amid a rise in competing Nigerian light grades and Sakhalin Sokol which buoyed the Labuan values. Malaysian state-run Petronas sold 300,000bbl of January-loading Labuan. The price was said to be a premium of high-$8s to DTD Brent and the buyer was reportedly Europe's Vitol.