BHP has sold a cargo of Pyrenees crude loading on March 15-19 at a premium of about $3.50 a barrel to dated Brent, down from a premium of more than $4 in the previous month, traders said, but was in line with weaker fuel oil cracks. Woodside may have sold its March-loading Cossack to Shell, a trader said. BP may have bought Oil Search's Kutubu cargo loading on March 8-12.
Separately, Petronas is likely to start offering March-loading cargoes of Malaysian grades soon. China's Fujian Fuhua Industry & Trade Co has bought two more cargoes of European condensate for March delivery via a tender, including a rare Snohvit condensate cargo from the North Sea, trade sources said.
The company, which buys oil on behalf of affiliate Fuhaichuang Petrochemicals, has also bought a cargo of Russian Yamal condensate which will be co-loaded with the Snohvit cargo onto one vessel, they said. Equinor may have sold the cargoes, they said. The volumes and prices were not immediately known.
Fuhua didn't award a tender seeking term supplies for delivery between April and December, one of the sources said. Cash Dubai's premium to swaps fell 7 cents to 52 cents. Unipec will deliver an Upper Zakum cargo to Shell in the first cargo delivery this month.