Oman crude oil fell to a one-month low against Dubai crude on Friday, S&P Global Platts data showed, weighed on by strong selling interest.
There were robust offers for 25,000 barrel partials of October-loading Oman crude from China’s Unipec and France’s Total in the Platts Market on Close assessment process. Unipec’s offer stood at $74.15/b while Total’s offer stood at $74.30/b at the close, with no buying interest seen.
Three partials of Oman crude changed hands on August 16, the first activity of its kind in almost two years. Since then, seven more partials of Oman crude have changed hands.
“I am surprised no one took that [Unipec’s offer for] Oman,” a Singapore-based crude trader said. “DME Oman is still supported [in comparison].”
Another trader noted thinning liquidity on the DME [Dubai Mercantile Exchange] towards the end of the trading cycle could be a reason for the higher levels on DME.
“DME volume is thinner in the last few days…it is not very representative [of the market],” the trader said.