11 February 2025: 08:30 GMT
The Chinese are back, the economy is firing, the Indians remain short and the products market is not too bad. So the market is set on going higher! Brent flat price liked the feeling of heading upwards it got yesterday and this morning decided it wanted another hit. After ending the Asian session at $76.69/bbl, it just kept going, even challenging $76.80/bbl by 09:30 GMT and the front spread finally got some relief, building back up towards 50c. Remember, keep an eye on the Brent structure’s move against the Dubai structure. The spread between Brent and Dubai is now $2.61/bbl and has narrowed by 17c since yesterday. Please take note that the Dubai flat price is nearing $80.00/bbl, very expensive a consumer would say and kudos to the producers. And for those lifting term barrels are paying $1.50/bbl premium on top of the nearly $80.00/bbl.
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