CRUDE MOC: Cash Dubai steady amid healthy trading activity
The sour crude complex was steady at the Asia close Oct. 14, while trading activity picked up pace for December-loading cargoes in the spot market and during the Platts Market on Close assessment process.
S&P Global Platts assessed December cash Dubai versus same-month Dubai futures at a premium of $2.34/b at the Singapore close Oct. 14, flat on the previous close.
December cash Oman was assessed at a premium of $2.36/b at the close, down 2 cents/b from the previous day.
Japanese end-users were heard to be on the forefront of spot procurement activity for December-loading sour crudes, picking up barrels of Murban, Al-Shaheen and Banoco Arab Medium crude, sources said.
While demand from Asian end-users is largely expected to be healthy for the month ahead, market participants remain cautious of the uncertainty surrounding demand from Chinese independent refineries, which are yet to receive the fourth batch of crude import quotas.
December cash Dubai was assessed at $82.25/b at the Oct. 14 close, up from $81.40/b, Platts data showed.
On the MOC, TotalEnergies bid for a 500,000 barrel cargo of Abu Dhabi’s Murban crude for loading in December.
TotalEnergies bid for the cargo at whole month average of IFAD Murban February futures in December plus $1.95/b until the close but saw no selling interest.
A total of thirty-one Dubai partials were traded on the MOC.
The partials were traded with Unipec, Reliance, PetroChina, Shell, Vitol, ExxonMobil and Phillips 66 on the sell side and TotalEnergies, Trafigura, BP and Hengli on the buy side.
This brings the total count of Dubai and Oman partials traded in October to 89.