Japan’s direct-burning crude oil demand for power generation has picked up since late December as a cold spell across the country has increased appetite for loadings into March in the absence of nuclear output, industry and trading sources said Thursday. “Indeed, oil demand picked up [for power generation] this month,” an industry source said. The source said Japanese incremental oil demand for power generation typically goes to fuel oil first, but it has fallen to crude in recent weeks amid further run cuts at Japanese refineries. In late December, a cargo of prompt January-loading Minas — which was heard to have gone into overhang from November to December — and a cargo of February-loading Minas were placed, but details of the trades were not clear, according to trading sources. The cargoes were heard to be headed to Japan. The Asia Pacific sweet crude market […]