SINGAPORE: Trade in the Middle East crude market slowed on Wednesday as buyers and sellers wound down for the Lunar New Year holidays.
Most of the April-loading Middle East spot grades have traded at improved premiums from the previous month as buyers locked in purchases ahead of the long holiday. Asia's demand has also been robust, supported by firm refining margins, despite peak maintenance season.
Trade is expected to resume next week when most markets re-open after holidays.
Occidental may still have one Qatar Marine cargo while Das and Basra Light have yet to trade for April.
A smaller-than-expected cut in Basra Light's March OSP may weigh on differentials for April cargoes, a trader said. Supply also remained ample as Iraq's SOMO planned to export 2.6 million barrels per day (bpd) in March, he said.
TRADE
Unipec, BP, Trafigura and Gunvor sold a total of 16 partials to Shell on Wednesday's window, a move likely to support the cash Dubai price. Unipec will deliver an Upper Zakum cargo to Shell after completing the sale of 20 partials.
DME OMAN
DME Oman for April settled at $59.31 a barrel, up 20 cents, at 0830 GMT. This puts DME Oman at $1.18 a barrel below Dubai swaps against a discount of 77 cents in the previous session.
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