Middle East

Spot differentials for May-loading Abu Dhabi Murban widened to discounts of $2.07-$2.12 to OSP. Sluggish oil product demand and depressed margins sent the market lower. French Total showed selling interest for May-loading Murban. The major offered the Murban at a discount of $2.10 to OSP and Mitsui accepted the offer. Mitsui was believed to have secured the Murban for fronting the third-party player.

Africa/Europe/Russia/America

Indonesia's state-run Pertamina procured Nigerian Escravos and Qua Iboe via its April-June loading sweet crude buy tender closed on Mar 19. The seller of Escravos was US Chevron, and the seller of Qua Iboe was US ExxonMobil. Pertamina requested sellers to offer at flat based prices for the first time as reported. The prices were said to be at mid-$20s. "The sellers are lucky. Now sellers for all grades were looking for buyers. The sellers had a luck to have found a buyer," a Singapore trader pointed out. Pertamina was said to boost inventories for storage as current flat prices were sensed as attractive.

Asia Pacific

Spot differentials for May-loading Malaysian Kimanis narrowed to premiums in the range of $2.10-2.20 over DTD Brent. Refiners led by end-users in Thailand, main buyers for Malaysian grades, reduced their refinery running rates while supplies increased, loosening demand/supply fundamentals further. Malaysia's new crude Layang started to be supplied recently, which also weighed on the market. Malaysia's state-owned Petronas was said to be offering at least one cargo of Kimanis at a premium of low $2.00 to Dated Brent.