Trading house Mitsui was seen lifting an offer from Singapore-based EXTAP (ExxonMobil Trading Asia Pacific) for a 500,000 barrel cargo of the crude, for loading over August 1-25, at a premium of $1.20/b against the Platts front-month cash Dubai assessments in August.
The oil major commenced the offer for the cargo at a premium of $1.60/b to Platts front-month cash Dubai assessments in August, gradually easing the offer until the trade at $1.20/b at 4:27pm Singapore time (0827 GMT).
EXTAP re-offered the cargo at the same level, with the offer seen standing at the 4:30 pm (0830 GMT) Singapore close, without any further buying interest seen.
Platts assessed Upper Zakum at a $1.15/b premium to Dubai on June 24, up 33 cents/b from the assessment on June 23.
Apart from EXTAP, Western trading house Vitol was seen bidding for a 500,000 barrel cargo of Upper Zakum, for loading over August 1-31, with the bid standing at the MOC close at Dubai plus 60 cents/b. No selling interest was seen for the bid.
Prior to the cargo trade on June 24, a 500,000 barrel cargo of Murban crude had traded in the MOC process on June 22, with trading house Mercuria lifting an offer from Total at a discount of 70 cents/b to Murban’s official selling price in August, on a FOB basis.
Meanwhile, the spread between benchmark cash Dubai and Dubai futures rebounded to a premium of 98 cents/b on June 24, up 16 cents/b from June 23.
Similarly, the spread between Platts cash Oman and August Dubai futures rose 16 cents/b day-on-day to be assessed at 98 cents/b at the Asian close on June 23.
On Middle East sour crude partials, a total of five 25,000-barrel partials traded on June 24, consisting of four August Dubai partials and a single August Oman partials.
This brings the number of partials traded in June so far to 77, consisting of 69 Dubai and eight Oman partials. No convergences have been declared as yet.