Middle East Crude

In the trade of Abu Dhabi Upper Zakum, buying for April-loading gained momentum, although many spot cargoes for March-loading were unplaced. Aramco Trading Co (ATC) under the umbrella of state-owned Saudi Aramco this week purchased a total of 4.0 million barrels of Upper Zakum from six companies such as Idemitsu Kosan, Sinochem and PTT Public Co in Thailand. China International United Petroleum & Chemicals Co (UNIPEC) this week also purchased five VLCCs or about 10 million barrels of Upper Zakum at the same time . ATC and UNIPEC were believed to have procured most of these cargoes at discounts to the Upper Zakum OSP.

African/European/Russian/American Crude

In regard with February-loading Angolan grades, some cargoes changed hands. US Chevron sold February-loading Cabinda to PTT Public CO in Thailand. Moreover, Briton's BP sold Hungo for Feb 26-27 loading to US ExxonMobil while BP sold February-loading Saturno to UNIPEC. Besides, France's Total Energies sold February-loading Mostarda to Reliance Industries Limited (RIL). Nevertheless, the prices of these cargoes were unknown. In trade for US grades for April arrival in Northeast Asia, sellers considerably raised offers as freight rates for VLCC tankers were increasing. Offers for WTI Midland for April arrival were heard at premiums of $7 to Dubai quotes. End-users in Japan and Korea, however, showed no interest in spot purchases amid a sense that the prices were overvalued.

Asia Pacific Crude

In trade for Vietnamese grades, state-owned PetroVietnam (PV) Oil awarded a March-loading Su Tu Den sell tender to Vietnam's Binh Son Refining and Petrochemical (BSR). It turned out that the awarded price was at premiums in the $3's to Dated Brent. In regard with Australian grades, February-loading Vincent changed hands. Australia's Woodside or Mitsui Energy Trading Singapore (METS) under the umbrella of Mitsui & Co sold one cargo for early February loading. The identity of the buyer was unknown but the cargo was heard traded at a premium of around $2.00 to Dated Brent.