Dubai crude trade volume in Asia hits record high in August
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.