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Crude demand from Chinese teapots has slowed ahead of Lunar New Year holidays in early February, traders said, leading to lower premiums for popular Chinese grades Oman and Russian ESPO loading in the second half of January.
Tenergy sold an ESPO crude cargo loading on Jan. 15-25 at a premium of about $2.90 a barrel to Dubai quotes to Unipec, the lowest premium in three months.
Still, there is a tender from Shandong Haike seeking crude for delivery between Jan. 20 and Feb. 2. The tender will close on Wednesday with offers valid until Friday.