SINGAPORE: The Middle East crude market stayed firm on Monday with most of the June-loading grades trading at premiums, up from the previous month, traders said.
UAE: Spot differentials for June-loading Murban crude flipped into premiums after Japanese refiner Fuji Oil bought three cargoes, traders said.
The refiner bought the cargoes at premiums averaging at about 25 cents a barrel above its OSP, they said.
One of the cargoes was sold by PetroChina, a source said.
Market sentiment for June-loading sour crude improved as demand from Japan is expected to pick up as its refiners ramp up output after seasonal maintenance.
May-loading Murban crude traded at discounts of about 10 cents a barrel to its OSP last month.
India's IOC has also likely bought 1 million barrels of Murban and the same volume of Das via a tender, traders said. Prices were not available although traders said Das' premium is about 10 cents a barrel below that of Murban.
Separately, Japanese trader PDS may have sold a cargo of June-loading Upper Zakum at 30 cents above its OSP to an unknown buyer, traders said.
QATAR: Qatar Petroleum sold two al-Shaheen crude oil cargoes to load in June via private negotiation for the first time, traders said.
The producer typically sells the medium-sour grade via a monthly tender, but some buyers have requested for direct price negotiation, one of them said.
The two cargoes were sold to a Japanese end-user and an oil major, likely JXTG Nippon and Shell, respectively, at 80-90 cents a barrel above Dubai quotes, they said.
June-loading Qatar Marine also traded at premiums of 20 cents to its OSP, traders said.
BAHRAIN: Firm demand for medium-sour grades also narrowed the differential for Banoco Arab Medium for June to a single-digit discount to its OSP, up from minus 30-40 cents in the previous month.
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