SINGAPORE: The number of cargoes traded during a pricing process for Middle East crude exports to Asia hit an all-time high in August, traders said on Monday.
Chinaoil, the trading arm of PetroChina Co, snapped up a record 36 million barrels over the month,
Chinaoil bought 72 cargoes this month during the Platts Dubai Market on Close (MoC) process, of which nearly 70 percent were sold by Unipec, traders said on Monday, surpassing a prior record purchase of 55 cargoes, also by Chinaoil, in April.
Chinaoil's August purchases are equivalent to a month's consumption by Australia, based on BP's data.
"Because they are so aggressive in the window, Asian refiners are suffering," a trader said.
In August, Chinaoil bought 46 Oman, 24 Upper Zakum and 2 Dubai cargoes. Other sellers were Royal Dutch Shell, Vitol, Gunvor, Reliance and Total.
Chinaoil also set a daily record on the first day of trade this month after it snapped up 5 million barrels from Unipec on Aug. 3.
Swiss trading company Mercuria bought six cargoes - three Oman, two Upper Zakum and one Dubai - this month.
This brings the total cargoes traded during the MoC in August to 78, exceeding the previous high of 55 June-loading cargoes traded in April, which was all purchased by Chinaoil.
DME Oman slumped in the last day of trade to a deep discount of close to $2 a barrel to Dubai quotes, after holding at premiums for most of the month on support from window demand.
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