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Markets

Middle East Crude-Benchmarks dip as trading activity winds down

  • The Tuesday offers were about 10 cents lower compared with Monday's MOC offer levels, but did not attract any buyers.
Published January 26, 2021

SINGAPORE: Middle East crude benchmarks Oman and Dubai edged down on Tuesday as many Asian refiners have completed spot purchase for March-loading cargoes.

Via the market-on-close (MOC) price assessment process, GS Caltex offered a March Murban crude cargo at 1 cent above OSP, while Exxon Mobil lowered its offer of a March Upper Zakum crude cargo to 55 cents above Dubai quotes.

The Tuesday offers were about 10 cents lower compared with Monday's MOC offer levels, but did not attract any buyers.

In the spot market, China Oil was heard to have bought a cargo of Russian ESPO crude, loading March 1-10, from Trafigura at around 90 cents above Dubai, traders said.

Chinese teapot Shandong Wonfull bought a cargo of Congo's Djeno crude at a spot premium of below $1.3 a barrel to ICE Brent on a delivery basis for March arrival, traders said.

The seller was heard to be Trafigura, one of the sources said.

Indonesia's Pertamina issued a spot tender to buy crude for April. The tender will close on Thursday.

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