03 March 2025: 08:30 GMT
The Dubai physical premium rolled out of bed. From $4.20 on Friday, it dropped to $1.22 today! That’s a massive move, far bigger than the other monthly rolls we’ve seen. After the sanctions and mega squeeze, we’ve returned to a comfortable cruising altitude where we were in December.
And, in the window, February’s pattern got turned on its head. In February, a well-bid window became almost run of the mill. But today, sellers were back in full force. Exxon, Trafi, Phillips, Unipec and PetroChina all featured on the sellside. But no sign of Reliance. Alongside Trafi, PetroChina was the most aggressive seller, placing plenty of offers and hitting some bids – quite a shift from their consistent presence on the buyside in February
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