Dubai crude trade vol­ume in Asia hits record high in Au­gust

The Pak Banker - - BUSINESS -

The num­ber of car­goes traded dur­ing a pric­ing process for Mid­dle East crude ex­ports to Asia hit an all-time high in Au­gust af­ter Chi­naoil bought another four car­goes, traders said.

Ag­gres­sive trad­ing, with heavy buy­ing by Chi­naoil and selling by Unipec, has pushed up Mid­dle East crude prices for Asia, even as other grades are be­ing pressed lower by a global glut. Trades dur­ing the Platts Dubai Mar­ket on Close (MoC) process led to the de­liv­ery of 58 Oc­to­ber­load­ing car­goes this month, or 29 mil­lion bar­rels, the traders said. This ex­ceeds the pre­vi­ous high of 55 June-load­ing car­goes traded in April, which was all pur­chased by Chi­naoil, they added.

Traders are con­cerned that avail­able sup­plies could be ex­hausted be­fore Au­gust ends. Based on his­tor­i­cal trans­ac­tions, a max­i­mum 74 car­goes can be traded via the MoC sys­tem in one month. In Au­gust, Chi­naoil, the trad­ing arm of PetroChina Co Ltd, bought 55 car­goes of 500,000 bar­rels each, while Swiss trad­ing com­pany Mer­cu­ria pur­chased three.

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