Crude MOC: Sour crude complex rangebound; spot trades taper off

Benchmark cash Dubai premium against Dubai futures was rangebound at the Asian close May 28, as market activity slowed nearing the end of the trading cycle for July-loading cargoes.

S&P Global Platts assessed July cash Dubai at a premium of 96 cents/b to the same-month Dubai futures at the 4.30 pm Singapore close on May 28, up 5 cents/b from the Asian close on May 27.

July cash Oman was pegged at a premium of $1.06/b to same-month Dubai futures, up 13 cents/b from the May 27 close.

Trading activity remained tepid as most end-users' demand requirements had already been met, sources said.

In fresh trades, Russia's Gazpromneft was heard to have sold through a tender a 140,000-mt cargo loading over July 25-28 to Chinese end-user at a premium of around $2.80-$2.90/b to Platts Dubai crude assessments, FOB, sources said.

"Market has chilled a bit, but the level is still too expensive...hearing that the commercial stock of products this week has piled up and whole sale market seems not too good," said a source with a North Asian refinery.

The MOC process saw 6 July Dubai partials of 25,000-barrels traded.

The Dubai partials were traded with Shell, Koch and Unipec on the sell-side and Total and BP on the buy-side.