Middle East Crude

In trade for Abu Dhabi grades, SK Energy on Wednesday apparently bought 500,000barrels each of July-loading Umm Lulu and Murban at the prices linked to Dubai quotes. SK held fixed demand for Umm Lulu and usually moved on spot purchase in the initial stage of talks. One Japanese company reckoned that SK advanced spot purchase of Umm Lulu and Murban ahead of national holiday. On the Rim Trading Board (RTB) as of 15:00 Tokyo time on Thursday, European Trafigura showed an offer for a grade swap of Upper Zakum/Murban. Trafigura offered a Upper Zakum/Murban swap at flat, trying to sell 500,000barrels of July-loading Upper Zakum and buying the same volumes of July-loading Muban. As of 15:15 Tokyo time. Trafigura lowered its offer to minus 5cts but no buyers appeared in the market.

African/European/Russian/American Crude

In the trade of Russin crudes bound for India, June arrival Urals changed hands. In the initial trade for June arrival, a few cargoes were earlier done at discounts of low $2.00s to Dated Brent on a CFR basis, but the prices softened slightly early this week. The latest traded levels for Urals were heard at discounts of $2.40-2.50 to Dated Brent on a CFR basis. The benchmark Dated Brent prices strengthened relative to other benchmark prices, which helped widen the discounts of Urals, said a player in South Asia. In addition, supply volumes of Urals for India were seen stable from the previous month.

Asia Pacific Crude

In trade of Australian light grades, INPEX sold Ichthys condensate for Jun 24-28 loading to Hanwha Total Energies and the price was at premiums in the $1's to Dated Brent on an FOB basis. Prior to the deal, INPEX had sold a cargo for Jun 13-17 loading at premiums in the $2's to Dated Brent on an FOB basis. One trader in Singapore mentioned that INPEX had lowered its offer for the second cargo in pursuit of buyers since most end-users had finished spot purchase and buying interest had been weak in second-half April.