MIDDLE EAST CRUDE MOC PERFORMANCE: 500,000 barrels change hands for July loading

Market participants in the Platts Middle East crude Market on Close assessment process have completed physical performance of 500,000 barrels of Oman crude for July-loading,  according to trade performance data compiled by Platts, part of S&P Global Energy.

Middle East crude cargoes trade on a two-month forward cycle, meaning that product loading in July resulted from convergence cargoes declared in May.

Partials traded during the July Middle East crude MOC process led BP declaring a 500,000-barrel Oman cargo for July loading to Vitol.

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.

May MOC activity fell 73.4% month over month to a six-year low, with only 74 partials traded. Traded volume was last lower in May 2020, when 42 partials were traded.

Performance tracking

Platts closely monitors performance on trades reported through the MOC process as part of its ongoing commitment to upholding the highest standards of integrity and transparency.

As part of trade performance tracking, Platts has reviewed various aspects of performance, including the timeliness of nominations, loading completion, and other published parameters of the trades.

Performance details of the convergence cargo declared during the May Platts crude partials MOC: 

Source: Platts, traders