14 January 2025: 08:30 GMT
Curve balls every minute! It is not fundamentals but governments messing around and of course the taxpayer gets it on the nose or the jaw . Totsa’s really kicked the hornets’ nest. With its tender yesterday, and the one today, Totsa got inundated with people asking politely for cargoes. The French major suctioned up vast volumes of crude from the Dubai window, and the Chinese and Indian buyers want it. ‘They got really lucky,’ says another seller. ‘We all want to be long ahead of the Trump inauguration,’ he added. Rongsheng and CNOOC got one VLCC each at nearly February Dubai +$2.50 – for Upper Zakum and Oman, exactly the grades Totsa has collected most of through the spot market. Totsa’s having a field day and is asking for more offers to buy its crude today. They’re really cleaning up and should thank Mr Biden for squirting his sanctioning hose at exactly the right time to bring their months-long strategy to fruition.
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