04 March 2025: 08:30 GMT
After well over 2 months, Brent is back on top. Not pricewise because it is way down nearly touching the 60 handle, but back on top of Dubai. Minor victory in a really bad day for prices. The spread between Brent and Dubai finally flipped positive for the first time since December 19th, with prompt Brent futures pricing $0.18/bbl above Dubai partials. According to traders B/D started roofing last night following the announcement from OPEC, before continuing to gain aggressively through the Singapore window this morning. But traders also suggested the move was more due to Mr Taureau’s absence than the OPEC announcement, as spreads continue to sell off. Oh such big French boots to fill.
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