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.
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Register NowS&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.
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May 28, 2021 at 06:14PM
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Crude MOC: Sour crude complex rangebound; spot trades taper off - S&P Global
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