Maintaining effective hydration in the skin doesn't simply require a skin creme (often full of parabens and sythetic moisturizng agents)
It requires two factors working in harmony to moisturize the skin fully.
1) An emoliant: The presence of oil & natural fatty acids - Healthy oil levels help the skin more readily absorb and retain hydration
2) A humectant: A substance that binds water & thus hydration into the skin
Your routine has both of these - so it's like a moisturizer PLUS.