Unipec, the trading arm of Chinese refiner Sinopec, bought an April cargo of Australian heavy sweet Vincent crude at a low-$1.00 premium per barrel to dated Brent. A March-loading cargo of Vincent crude had previously traded at close to $3 per barrel premium to dated Brent.
Premiums for regional heavy sweet crude have weakened amid falling fuel oil refining margins, which have tumbled 450 percent since mid-January when March-loading crude traded, to a discount of around $4 per barrel to Dubai crude.
Singapore refining margins to Dubai crude, which is Asia's key indicator of refinery profitability, dropped to $4.47 per barrel on Thursday, the lowest since August 24.
Japanese oil and gas explorer Inpex sold an April cargo of Van Gogh crude at a premium in the low-$1.00 a barrel to dated Brent late last month, two traders said. The details on the buyer remain unclear and the deal level could not be directly confirmed.
Vietnamese state-marketer PV Oil is likely to have awarded its April Bunga Orkid and Bunga Kekwa sell tender at premiums around $2.50 per barrel to dated Brent. Azerbaijan state-owned trading firm Socar was heard to have bought one of the cargoes, although this could not be directly confirmed.
Malaysian state-owned Petronas had previously sold an April 22-28 cargo of Bunga Orkid crude to trading firm Glencore at a low-$3.00 per barrel premium to dated Brent earlier in the trade cycle.
The Petronas cargo is likely to have achieved a higher premium because of its loading dates in late April, compared with PV Oil's April 2-8 loading cargo of the grade.
Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), was at $1.49 per barrel, up 5 cents for May.