Middle East Crude

　In trade of Iraqi crude grades, prompt May-loading cargoes were offered at hefty discounts as sellers apparently needed to clear surplus cargoes. Basrah Medium (BM) for early May loading was offered at a discount of $33.40 to May OSP while cargoes for mid and late May loading were offered at discounts of $26.00 to OSP, though the identities of the sellers were unknown. Meanwhile, May-loading Basrah Heavy (BH) was offered at a discount of $30.00 to May OSP. Since late February, the Strait of Hormuz was virtually closed, prompting sellers to offer cargoes at deep discounts to stimulate buying interest and to release inventories that were accumulating at storage tanks.

African/European/Russian/American Crude

　Indonesia's state-owned Pertamina issued an additional buy tender for June-July arrival, which closed at 10:00 Jakarta time on Wednesday, with validity until 20:00 on Friday. Through the tender, Pertamina was trying to buy a total of five cargoes intended for its Balikpapan refinery (360,000 b/d) and Balongan refinery (125,000 b/d). Pertamina was looking to procure Angolan and Nigerian crudes in this tender. Pertamina had purchased Nigerian Escravos, Angolan Kissanje and Mondo in its previous tender for June-July arrival that had been closed in late April.

Asia Pacific Crude

　Concerns were growing that May-loading Ichthys condensate supply could face delays. The possibility of a temporary shutdown was noted due to a strike by workers at the Ichthys LNG Project off the coast of Northern Australia (8.9mil tons per annum capacity). A total of two cargoes of May-loading Ichthys condensate had already been concluded. South Korea's SK Energy had purchased the May 8-12 loading cargo, and Taiyo Oil had purchased the May 20-24 loading cargo, respectively.