21 February 2025: 08:30 GMT
The familiar faces of the regulars turned up again for another cortège in the Dubai window – Vitol and PetroChina kept on buying from the usual sellers, Reliance and Chevron. But there’s a new boy in town. Shell waltzed in and lifted a Chevron offer, the first time we’ve seen them in a while – but just one trade for now. Again, there were a few other bidders there or thereabouts, but the likes of Trafi and BP kept their bids below the market. Yet, we’ve reached the end of the third week of February and we’ve still not seen one single convergence in Dubai. Nobody wants to dive in and seize the market – don’t worry, guys, Totsa are all off skiing, they’re not going to massacre you again.
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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