ASIA CRUDE MOC PERFORMANCE: 5.5 mil barrels change hands for Sep loading

In September, a total of 5.5 million barrels of Oman crude were completed for loading, according to Platts Market data. This performance was assessed through the Physical Outcome Contract (MOC) process, which tracks trades reported in the market. The September loading of this crude was the result of convergence cargoes that were declared in July.

A convergence in crude trading occurs when 20 partial trades between two parties result in a full 500,000-barrel physical cargo. In July, 11 such convergence cargoes were declared, all of which were for September-loading Oman crude. Trafigura was the largest buyer, purchasing nine cargoes, while Mitsui bought the remaining two.

Vitol was the largest seller, transacting six cargoes, followed by Mercuria with four and Unipec with one. The MOC activity in July saw a significant increase of 438% compared to the previous month, with a total of 312 partials traded. However, this activity was 44% lower compared to the same period in the previous year.

Platts, part of S&P Global Energy, closely monitors performance on these trades to maintain high standards of integrity and transparency. The assessment process includes checking the timeliness of nominations, loading completion, and other agreed-upon parameters.