Middle East

　Spot differentials for February-loading Abu Dhabi Murban narrowed. Abu Dhabi's 400,000bbl per day (b/d) Ruwais refinery in United Arab Emirates (UAE) would enter turnaround from February to March, which loosened supply/demand fundamentals for Murban. In addition, crack spreads for naphtha and gasoline in Asia worsened, so that the Murban values weakened from the early trading cycle. In the Rim Trading Board (RIM) on Dec 17, Britain's BP sold one Murban cargo. BP sold Feb1-25 loading Murban to China International United Petroleum & Chemicals Co (UNIPEC) at a discount of 10cts to OSP.

Africa/Europe/Russia/America

　Spot differentials for January-loading Sudan's Dar Blend widened. Ahead of tightening sulfur regulations for bunker oil by the International Maritime Organization (IMO) starting from January 2020, low sulfur Dar Blend increased. Malaysia's state-run Petronas sold 600,000 bbl for Jan 24-25 loading via its sell tender for January-loading Dar Blend closed on Dec 13. The price was at a premium of slightly above $4.00 to DTD Brent and the buyer was a trader.

Asia Pacific

　In the trade of February-loading Viet Nam's Chim Sao, demand for fuel oil rich Chim Sao remained brisk. Viet Nam's state-run PV Oil sold two cargoes for Feb 15 and 21-25 loading through its sell tender for February-loading Chim Sao closed on Feb 16. A trader secured a Feb 1-5 loading cargo at a premium of high-$7s to DTD Brent, and UNIPEC procured a Feb 21-25 loading cargo at a premium of low-$7s to DTD Brent.