Benchmark cash Dubai crude assessment narrowed for the second consecutive day at the Asian close Nov. 18 following the conclusion of several key tenders in the Middle East sour crude market.
S&P Global Platts assessed January cash Dubai at a premium of 36 cents/b to the same-month Dubai futures, down 2 cent/b from the Nov. 17 close, when it was assessed at a 38 cents/b premium.
The January cash Oman too contracted by 2 cents/b on the day to 60 cents/b at the Asian close Nov. 18, narrowing 14 cents/b over two days from a near four-month high of 74 cents/b at close Nov. 16, Platts data showed.
Traders have been keenly watching the outcomes of several tenders that closed earlier in the week beginning Nov. 15.
Qatar Petroleum was heard to have sold two 500,000 barrel Al-Shaheen grade cargoes at premiums of 70-78 cents/b against Platts Dubai crude assessment, FOB to North Asian buyers.
It was also heard to have sold a 500,000-barrel cargo of Qatar Marine crude at a premium of 30s cents/b to the grade's official selling price to a Japanese buyer.
Separately, Japan's Fuji Oil has bought two 500,000 barrel January loading cargoes of Murban crude, via a tender that closed on Nov. 18. While further details were not immediately clear, some market participants indicated that the cargoes could have changed hands at premiums ranging in the 20s cents/b to Murban's OSP.
The Platts Market on Close assessment process on Nov. 18 saw nine 25,000-barrel Dubai partials being traded. No cargo convergence has been declared in November so far.
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.
The partials trades on Nov. 18 brings the total number of partials traded in November so far to 42, consisting of 39 Dubai partials and 3 Oman partials.
