Crude MOC: Das cargo trade continues to demonstrate weakness for lights

Singapore — A 500,000 barrel full-sized cargo of March-loading Das Blend crude was traded in the Platts Market on Close assessment process on Friday, down from Thursday's traded level to demonstrate a weaker market for light sour crudes toward the end of the week.

Total offered the cargo, with a loading period of March 1-25, and B/L Month pricing terms during Friday's Platts MOC.

Total's offer came down to a discount of 65 cents/b to the grade's official selling price toward the end of the MOC, and was bought by Trafigura. Total did not return with a second offer of the grade.

It was the second Das Blend cargo trade in as many days, and the fourth cargo trade of the month after a flurry of offers in the Platts MOC process for grades such as Qatar Marine, Banoco Arab Medium, Upper Zakum, Qatar Land, Murban and Das Blend. The grades range in API from light to heavy and are all considered high sulfur crudes that load from the Persian Gulf.

Thursday's MOC had seen a Das Blend cargo offered by Total and bought by BP at a discount of 60 cents/b to the OSP.

The spot market has seen discounts for light sour crudes such as Das, Murban, Umm Lulu and Qatar Land this month, owing to softer demand from refineries undergoing maintenance and plentiful supply in the market.

Earlier in the week, a 500,000 barrel cargo of Murban was offered by Total and sold to BP at a discount of 50 cents/b to the March Murban OSP.

Meanwhile, Friday's MOC also saw Unipec returning with an offer of a Qatar Land cargo, loading March 1-28, and offered on a floating basis to the grade's OSP. Unipec's final offer stood at a discount of 55 cents/b to the OSP, without any takers for the cargo by the close.

Additionally, the MOC saw 15 partials of March Dubai change hands, bringing this month's total partial count to 57. Six of those have been Oman partials, and the rest Dubai.