Middle East Crude

Spot differentials for March-loading Al Shaheen strengthened. Demand for Al Shaheen was healthy as an alternative to Iranian and Russian grades. Qatar Energy (QE) awarded a March-loading Al Shaheen sell tender to France's Total Energies. Total Energies bought three cargoes (each 500,000barrels) for Mar 1-2 loading, Mar 25-26 loading and Mar 27-28 loading at premiums of about $3.80 to Dubai quotes. The tender had been closed on Tuesday. One trader in Singapore reckoned that Total Energies was keen to purchase March-loading Middle East medium-heavy grades such as Al Shaheen and Upper Zakum for the purpose of reselling cargoes to companies in China and India with demand as an alternative to Iranian and Russian grades.

African/European/Russian/American Crude

　State-owned Indian Oil Corp (IOC) purchased 4.0 to 5.0 mil barrels of West African crudes in its additional March arrival sweet crude buy tender closed on Thursday. It purchased one cargo each of Angolan Nemba and Agbami from US Chevron. IOC also bought one cargo of Gabon's Rabi light and one or two cargoes of Nigerian Bonny Light from British Shell. IOC in the previous March arrival tender closed on Jan 9 procured 2.0 mil barrels of US WTI Midlands.

Asia Pacific Crude

Spot differentials for March-loading Ichthys condensate strengthened on the back of sharp gains in arbitrage cargoes led by US light grades and improving margins for middle distillates.

In trade for March-loading Australian grades, INPEX awarded an Ichthys condensate sell tender for March 7-11 loading closed on Jan 16 to Thailand's Bangchack. The awarded price was on a CFR Basis, and the price seemed to have been equivalent to premiums in the low $3's to Dated Brent on an FOB basis.