Middle East

Indian Oil Corp (IOC) purchased a total of 4.0 million barrels of Abu Dhabi Murban in a tender for March to April arrival closed on Tuesday. French TotalEnergies sold 2.0 million barres. In addition, European Vitol and British BP sold each 1.0 million barrels. TotalEnergies sold the cargo at a premium of about $2.50 to March DTD Brent while Vitol sold at a premium of about $2.65 to March DTD Brent. BP sold at a premium of about $1.50 to March DTD Brent, and those cargoes were all for March-loading.

Africa/Europe/Russia/America

GS Caltex had purchased 1mil barrels of CPC Blend for second-half April arrival from US ExxonMobil at a premium in the $4's to Dated Brent. The price was considerably lower than those for WTI Midland for April to May arrival. Thus, GS Caltex bought the above cargo amid a sense that the value was attractive.

Asia Pacific

In trade for Australian grades, a supply program of April-loading NWSC was released, and two cargoes were scheduled to be supplied as usual. Of these, China National Offshore Oil Corp (CNOOC) would have one cargo for Apr 11-15 loading while Australia's Woodside would handle one cargo for Apr 28-May 2 loading. Meanwhile, Australia's Woodside still held one unplaced cargo of NWSC for Mar 26-30 loading. Woodside apparently considered offering the cargo to a condensate buy tender for early April arrival in Indonesia's petrochemical firm TPPI.