SINGAPORE: Light grades held steady in the Middle East crude market on Tuesday even as Russian ESPO's premium slipped further.
The value for May-loading Das held steady at $2.60 a barrel above Dubai quotes, after Chinaoil bid for a cargo at a premium of $2.65 versus Total's offer at $2.55 a barrel during the Platts MoC process.
Total offered a Murban cargo at $3.15 a barrel above Dubai quotes, steady from the previous session. It reduced its offer of a Murban partial to $39.60 a barrel although it was still too high to attract buyers.
Weak demand from China dragged down Russian ESPO's premiums for May.
The grade's premium fell close to $3 a barrel to Dubai quotes after Tenergy sold a May 7-12 cargo via a tender to an unknown buyer. The producer will close a tender on Tuesday to sell a cargo loading either on May 24-27 or 28-31.
Last week, the producer sold May 13-18 and 20-26 cargoes to a trader, likely Trafigura, and ChemChina at $3.60-$3.90 a barrel above Dubai quotes.
Another eight ESPO cargoes will soon be awarded in tenders by Surgutneftegaz and Rosneft that closed on Monday.
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