--Middle East

　A sense of oversupply was growing for April-loading Upper Zakum. Many end-users in China prioritized buying arbitrage cargoes such as Brazilian and Canadian grades and kept a low profile in the spot Upper Zakum market. Some Chinese companies apparently increased intakes of term cargoes from some Middle Eastern producers led by Saudi Arabia, thus spot demand for Middle Eastern medium grades such as Upper Zakum was generally lackluster. PetroChina purchased several cargoes of April-loading Al Shaheen as reported amid overall weak demand for Middle Eastern medium grades. "Sluggish demand for Upper Zakum may be prolonged," said a trader.

--Africa/Europe/Russia/America

　In the trade of African grades, Senning sold a total of two cargoes of Niger's heavy sweet crude Meleck for March-loading. Of these, one cargo for early March loading was placed to British BP. The prices for these cargoes were said to be at a discount of around $1.00 to Dated Brent on FOB. A total of three cargoes for Meleck were allocated to Senning for March-loading, and one end-month cargo was still in the hands of Senning. More and more market players raised evaluations for Meleck as fuel oil blending use, and more cargoes were seen recently flowing into Asia such as Singapore, according to market sources.

--Asia Pacific

　The spot market for April loading Su Tu Den softened to premiums of about $3.20 to Dated Brent amid weak market sentiment. The CFR Asia market of US WTI Midlands, a rival crude for Su Tu Den as arbitrage cargoes, turned lower and many cargoes for April to May arrival were placed to Asia including Southeast Asia, thus many end-users reduced evaluations for April-loading Su Tu Den. A Japanese energy company said, "Su Tu Den has become lighter on its quality and WTI Midlands is one rival crude." Vietnam's state-owned PV Oil sold 200,000bbl of Su Tu Den for Apr 21-27 loading in its tender closed on Feb 14. The winner was Vietnam's Binh Son Refining and Petrochemical (BSR) and the price was heard at a premium of the $3.00s level to Dated Brent.