Middle East Crude

Spot differentials for July-loading Upper Zakum were quoted at premiums of 3-8cts to the OSP. INPEX sold one cargo each of Upper Zakum for July-loading to European Trafigura and Vitol at discounts of 5-7cts to the OSP. The prices for June-loading Upper Zakum had been at premiums to the OSP. Many players apparently lowered their bids for Upper Zakum amid a sense that the OSP was overvalued. ADNOC was expected to considerably raise the OSP for June-loading Upper Zakum. One trader in Singapore noted that supply of Upper Zakum would remain tight and the OSP for July-loading OSP was likely to be at high levels.

African/European/Russian/American Crude

　China's Rongsheng Petrochemical purchased Brazilian Atapu and Sepia via its June-loading or July arrival tender closed on Monday. The seller was believed to be Brazil's state-owned Petrobras and the prices were heard at a premium of mid $2.00s to Dated Brent on a CFR basis. Both grades are sweet grades with API gravity of 27-28 degrees. Rongsheng's procurements were seen limited to the above Brazilian grades due partly to planned maintenance at some of its refineries.

Asia Pacific Crude

In trade for Vietnamese grades, PV OIL awarded a term sell tender for Su Tu Den to Bin Son Refining & Petrochemical (BSR) although the awarded price was unknown at present. Through the tender closed on April 11 at 9:00 Vietnam time with offers valid until April 25 at 18:00, PV OIL was trying to sell 200,000-500,000barrels per month from July to December 2024. In regard with a term sell tender for January to June loading Su Tu Den, BSR had won the tender at premiums of $3.8 to Dated Brent.