17 January 2025: 08:30 GMT
Anyone fancy $5 physical premium? Dubai certainly did, as it jumped to $5.09, from $4.70 yesterday, a stratospheric rise from below $1 just a month ago! Even with those extreme premia, Totsa’s happy to scoop up as much Middle Eastern crude as it can manage, racking up yet more trades in the Dubai window. But it was Idemitsu that got the reward today, earning itself a convergence with the sharpshooting Vitol to bag an Upper Zakum cargo. Are the Japanese short? Although it was Vitol converging with Idemitsu, Unipec retained its position at the head of affairs on the sellside, doing the lion’s share of the work across from the ever-enthusiastic Totsa. The week that Europe sleeps, it’s all going on in Asia.
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.
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