Crude MOC: Sour crude complex slips amid tepid spot activity

Benchmark cash Dubai premium against Dubai futures slipped at the Asian close May 27 amid easing spot trading levels.

S&P Global Platts assessed July cash Dubai at a premium of 91 cents/b to the same-month Dubai futures at the 4.30 pm Singapore close on May 27, down 38.5 cents/b from the Asian close on May 25.

July cash Oman was pegged at a premium of 93 cents/b to same-month Dubai futures, down 52 cents/b from the May 25 close.

Spot trading activity slowed as the July-loading trade cycle nears an end, with little buying interest left in the physical market, traders said.

"Spot trading is almost over and now it is a [MOC] window-oriented market, as there has been a lot of activity on the window before the [May 26] holiday," said a crude oil trader.

The MOC process saw 11 July Dubai partials and 11 Oman partials of 25,000-barrels traded.

The Dubai partials were traded with Unipec on the sell side and Total, Glencore and PetroChina on the buy side. The Oman partials were traded with Unipec on the sell side and Total and PetroChina on the buy-side.

Unipec declared a cargo of July Oman crude to Total following the convergence of 20 partials in Platts cash Oman.

A convergence occurs when 20 partials are traded between two counterparties, resulting in a full, 500,000 barrel physical cargo being declared from the seller to the buyer.