The spot market for Middle East crude cargoes loading in April was virtually non-existent this week, as demand continues to be depressed due to the coronavirus outbreak while buyers are waiting for cargoes to become even cheaper than they are now, trade sources told S&P Global Platts on Friday. There was no buying interest or market activity for the April trading cycle this week, as refiners in China are cutting refinery runs , while commodity trading houses and oil majors are scrambling to find spot buyers for crude oil outside China. As the coronavirus continues to batter fuel demand in China, the country’s second-largest refiner, state-held PetroChina, is cutting refinery runs and is talking to key suppliers in the Middle East about possibly deferring some crude oil loadings or reducing volumes, a senior PetroChina official with direct knowledge of the plans told Reuters earlier this week. Due to the […]