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Crude MOC: Sour complex dips amid slowing spot trade activity

Benchmark cash Dubai premium against Dubai futures slipped at the Asian close on June 25 amid easing spot trading levels, as the trading cycle for August-loading barrels nears an end.

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S&P Global Platts assessed August cash Dubai at a premium of $1.72/b to the same-month Dubai futures at the 4.30pm Singapore close on June 25, down 12 cents/b from the previous day.

August cash Oman was pegged at a premium of $1.72/b to same-month Dubai futures at the Singapore close, down 21 cents/b from the previous day.

In the spot market, trading activity has slowed as Asian end-users have mostly completed procurement for August-loading cargoes, sources said.

"As far as PG grades is concerned, refineries have all finished procurement," said a crude oil trader based in Singapore.

However, some unsold barrels of August-loading crude remain, which are weighing on sentiment, according to market participants.

"Feel like next month spot market will come down a bit...margin in Asia is not good," said a trader at a North Asian refinery. "This month already [there are] so much cargoes left [unsold]."

The Platts Market on Close assessment process saw 25 August Dubai partials of 25,000-barrels traded.

The Dubai partials were traded with Unipec, Vitol and Reliance on the sell-side and Glencore, Hengli, Lukoil, Trafigura, BP, PetroChina and Gunvor on the buy-side.

Reliance declared a cargo of August Upper Zakum crude to Lukoil following the convergence of 20 partials in Platts cash Dubai.

Unipec declared a cargo of August Al-Shaheen crude to Glencore, and a cargo of August Oman crude to Trafigura, following the convergence of 20 partials in Platts cash Dubai each.

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.