Middle East Crude

As for February-loading Al Shaheen, QE was likely to load 16 to 17 cargoes in total, which was less than January-loading by one or two cargoes. This was because there are fewer days in February than in other months. Meanwhile, QE was believed to sell about five cargoes of February-loading via a tender, which was similar to January-loading cargoes. In trade for term cargoes of Saudi Arabia grades, Saudi Arabia still engaged in negotiations with its term customers about term contracts for 2025. The deadline for January-loading nominations was approaching and thus Aramco seemed to have already reached an agreement with some contractors. One trader in Singapore stated that Aramco would keep supply volumes to term contractors in Japana and Korea in 2025 at similar levels to those in 2024.

African/European/Russian/American Crude

In the trade of US grades bound for Asia, US ExxonMobil purchased 2.0 mil barrels in total of WTI Midlands for March arrival for its refinery in Singapore. US Marathon Oil and Macquire in Australia were believed to have sold 1.0 mil barrels each to the US major at prices close to mid $3.00 to Dubai quotes on a CFR basis. In tender-related news, Indonesia's state-owned Pertamina was said to have purchased Gabon's Rabi Blend and Rabi Light in its February arrival sweet crude buy tender. Both cargoes were believed to be partial cargoes. Pertamina would deliver these cargoes to its 348,000 barrels per day (b/d) Cilacap refinery and its 150,000b/d Balongan refinery.

Asia Pacific Crude

In trade for February-loading Papua New Genea, a supply program of Kutubu was scheduled to be settled soon. Australia's Santos or US Exxon Mobile were likely to sell one cargo. Meanwhile, it was widely believed that market sentiment for February-loading Kutubu would weaken on retreating demand. In trade for January-loading Malaysian grades, Malaysia's state-owned Petronas apparently sold an additional cargo of Labuan although details such as the buyer and the price were unknown.