22 April 2025: 09:30 BST
PetroChina had its hands full today! Of course, Vitol was back, bidding hard and lifting many PC and Reliance offers. And Gunvor returned with a vengeance, lifting offers and bidding enthusiastically too – and Exxon showed more energy than we had seen for a while on the buyside, bidding alongside the dynamic duo. This congregation is a rare sight, we must say. Alongside PC on the sellside, Reliance threw in some offers but didn’t want to plunge as deep as their Chinese counterparts. BP hit the odd bid but kept its distance for the most part. Despite the buyers’ onslaught, the Dubai physical premium slipped 12c to $1.87 – kudos PC! After this clash of the titans, PC declared another Murban cargo to Vitol – that brings the April total to 24, of which 16 have gone to Vitol. Even more impressively, PC has sold 23 of those 24! The only other was from Reliance. And Murban is clearly the favoured grade now; since 14 April, it’s the only one that’s been nominated. We also notice the absence of ADNOC, what happened there?
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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