22 January 2025: 08:30 GMT
Premiums fell, despite Totsa ‘s best efforts in the window. They were bidding and lifting from sellers almost in desperation as the monumental premium that has been cultivated in Dubai is gradually eroded. Unipec were offering just as fast as Totsa could lift. Indeed, Unipec was in a generous mood today, perhaps gearing up for a big bout of gift giving for Chinese New Year and upgraded its prior Oman offerings to Totsa with a Murban today, as the two converged for yet another cargo. A silver lining, or a commiseration prize for the declining premium? Reliable Reliance was more stingy and only offered the bog standard Upper Zakum for its own convergence (the Indians’ first of the month) with Totsa. These two cargoes bring Totsa’s January total to 11. They’ve got some heavy lifting to do if they want to rival the 35 convergences of December.
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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