20 January 2025: 08:30 GMT
Every trader worth his/her salt in Asia is ready to put on an all-nighter. They all have expressed a view, a spread here and there. And they will wait for Trump’s executive orders hoping he makes gold for them. What a life expecting for the unexpected. We say Trump does not want a high flat gasoline price that will harm his voters.
The window was another strong showing from Totsa, bidding relentlessly, and getting whacked by Unipec, Reliance and PetroChina. Idemitsu were also back bidding Dubai. But the incessant smacking from the sellers was just enough to start chipping away at the monstrous premium Dubai has amassed since the New Year. The Dubai physical premium, which reflects the premium of Dubai partials (currently for March Delivery) over the second month Dubai swap (currently March expiry) eased 30c relative to Friday, at $4.79/bbl. This is still the 2nd highest premium since the inception of this publication.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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