ME: demand weighs on prices

Values in the Middle East crude market eased on Tuesday, dragged lower by sluggish demand and weakening middle distillate cracks. April lifting cargoes of the Abu Dhabi benchmark crude, Murban, was valued at a discount of 25 cents a barrel. Sellers were offering cargoes at discounts of 15-20 cents a barrel to the ADNOC OSP. Asian front-month gasoil cracks were trading just above $16.00 a barrel, lower than levels seen at the start of the month, Reuters data showed.  April Oman traded on the DME was at a premium of $2.64 to Dubai swap quotes at 0830 GMT, using the settlement price for DME futures, the ICE one-minute marker for Singapore and the Brent-Dubai EFS as calculated by Reuters. Front-month Brent/ Dubai Exchange of Futures for Swaps (EFS) for April eased 27 cents from the previous session to $3.43 a barrel. Energy trading house Vitol’s revenues rose by more than 50 per cent to a record $297 billion last year on the back of strong oil prices and higher turnover, the company said on Tuesday. Iran may not find new buyers for crude in Southeast Asia.