Talk: BPCL has been rumored to have purchased 2 million bbl of Azeri Light crude for April loading in tender. Further details currently unavailable. Arcadia rumored to be seller. Company buys both sweet, sour crude in spot market via tenders, occasionally buys Azeri Light.

OIL Rally: The Northwest European outright open-spec naphtha price skyrocketed Tuesday to $863.75/mt though failed to reach a record high of $876/mt last seen on Jan 3, 2008, on a technically-led crude oil rally. Market sentiment saw little change in the mood Tuesday on a lack of liquidity, with a week long industry event in London leaving the market broadly free of any kind of defining influence.

Oil Technicals | March Crude oil up $.19 at $92.78 (MAR CRUDE OIL)-9378-Thrust abv 9275 now implies further gains toward 9400/9435 in due course.Above here shld again aim for the 100 psychological lvl. Reversal below 9000 will confirm stall and a break of 8800 will aim for 8535. Below here turns trend decidedly down,exposing 81/78, with potential for surprise collapse to 6800.

March Austrailian crude supply tight due to production outage. Supply for light sweet Asian crude for March loading tight, will support prices for any remaining cargoes. March Cossack crude will likely be sold out, possibly fetching premiums of $1.00/bbl.

In a recent deal 15,000 barrels of San Joaquin Valley Light crude was done on Wednesday at 30 cents a barrel over Buena Vista crude postings. The cost was adjusted because of the higher then usual API Gravity and will be delivered this February