SINGAPORE: The Middle East crude market came alive on Wednesday as trade for March-loading cargoes kicked off with al-Shaheen sold at wider discounts, weighed down by ample supply and lower demand in Asia.
Cargoes sold prior to Tasweeq's tender loading in the first half of March were sold at $1.50-$2 a barrel below Dubai quotes versus discounts of $1 in the previous month, traders said.
Discounts for cargoes lifting in the second half of the month were wider than $2 a barrel, they said.
The disparity was due to stronger demand for cargoes that can arrive in Asia in March, before refineries head for maintenance, a trader said.
Taiwanese refiner Formosa Petrochemicals closed on Wednesday a tender to buy sour crude loading in March, traders said.
Bahrain's BAPCO will close on Thursday a tender to sell a cargo of Banoco Arab Medium for March loading, they said.
On the window, Unipec and Shell sold March 11 Dubai partials to Vitol at $42-$42.20 a barrel. Mercuria sold one May partial to Shell at $45.35 a barrel.
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