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.