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Crude MOC: Cash Dubai jumps; China buys Middle East crude

Benchmark cash Dubai crude's premium to Dubai futures rose sharply at the 4:30 pm (0830 GMT) close Singapore July 22 as China's Rongsheng was heard to have bought Middle East crude in its spot tender.

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S&P Global Platts assessed September cash Dubai at a premium of $2.36/b to the same-month Dubai futures at the 4:30 pm Singapore close on July 22, up 22 cents/b from the previous days close.

September cash Oman was assessed at a premium of $2.46/b to same-month Dubai futures at the 4:30 pm Singapore close, also up 22 cents/b from the previous day.

Rongsheng had issued a tender seeking 500,000-2 million barrels of various crude grades for loading in September.

Initial talks indicated that the refiner may have bought 2 million barrels of Abu Dhabi's Murban crude from Unipec. However, the information could not be immediately verified.

The sour complex had weakened in the week to July 22 as concerns of strapped supplies eased post the OPEC+ alliance's resolution on production cuts as well as threats of newer COVID-19 variants sweeping across parts of Asia, sources say.

Eyes were on the outcome of the Indian Oil Corp. tender seeking undisclosed volumes of sweet and sour crude for loading in September. The tender closes July 22 with same-day validity.

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

The Dubai partials were traded with Hengli, BP and Petrochina on the sell side and Shell on the buy side.

Petrochina declared a cargo of September Dubai crude to Shell following the convergence of 20 partials in Platts cash Dubai.

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.