16 January 2025: 08:30 GMT
Get ready for $5 premia! Dubai just won’t stop! Its physical premium jumped to $4.70 today, from $3.77 yesterday. We don’t have enough exclamation marks to communicate that! This has dragged up the average physical premium in January trading to $2.42 – it was $2.19 yesterday and only $1.08 in December. The only way for Dubai was up again! In just one week, Dubai has gained over $8/bbl, making more than a 10% weekly rise.Totsa’s not slowing down just yet, it’s got to tighten the screw some more. It keeps hoovering up yet more partials, no matter how strong Dubai gets. Towards the end of the window, sellers were pouring offers onto the table and Totsa was just piling them into its bulging swag bag. Unipec was again the biggest provider to Totsa, though Reliance pulled its weight too, and PetroChina sold a few as well. Vitol seemed happier sniping bids and picked off plenty from Idemitsu. The numbers on the buyside were sparse, but Totsa and its January sidekick Idemitsu made up for their isolation with good old-fashioned enthusiasm. Totsa’s also topping up on Al-Shaheen from QatarEnergy, which handed over two cargoes at premiums of $3.70-$3.80. Thirsty! There hasn’t been much Al-Shaheen in the window – it’s just been Oman and UZ.
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