Three 180-CST cargoes loading May 20-24 were mopped up by the US major at $97.00-97.25 per tonne in the Singapore physical market. This compared with highest bids on Tuesday at $93.00.

Most of South Korea's available H2 May cargoes remained unsold as producers were not ready yet for any discount idea as steep as four to five dollars on a free-on-board basis.

A Chinese state oil trader said end users in east China's Jiangsu and Shanghai have balked at the current Singapore price, which could lead to a cost-and-freight level of over 1,110 yuan per tonne ($132). (Reuters)Wholesale prices in Jiangsu were quoted at 1,100 yuan per tonne ($132), the state oil tradersaid.

Chinese local traders said power plants in Guangdong have started scrambling under a sky-rocketing fuel oil bill now at 1,250 yuan per tonne at barge-sale level, and 1,320 yuan supplied by oil storage.

At least seven cargoes totalling 3,50,000 tonnes were scheduled for Guangdong in the first half of May.

One 80,000 tonne cargo sold by a US major to a Chinese state oil trader was heard done at around a $3 premium to Singapore quotes on a cost-and-freight basis.

Offers in a range of minus 50 cents to plus 50 cents to the Singapore quotes were heard for Pertamina's June purchase of around one million barrels for June delivery.

Traders said the premium level, as compared with the current FOB Singapore discount idea at minus $1.00-1.50 could suggest an even tighter market in June.