23 January 2025: 08:30 GMT
Convergences galore! Today was the busiest day in the Dubai window of January so far. A total of 7 cargoes declared, of which 6 to Totsa! The Taureau collected an Upper Zakum from each of Vitol and PetroChina, while Exxon declared it an Al Shaheen. It also received three Oman cargoes – two from Unipec and one from Trafi. Idemitsu scrounged the remainder, gaining an Upper Zakum from Koch. And to show just how hard the French were working against the onslaught of sellers, Totsa collected one third of all January convergences so far, just in today’s window! Aramco made a big statement lifting Midland in the North Sea window earlier this week. The pressure is on in the fight for the Asian market and Totsa came out swinging today. Whenever one of its $82.12 bids was swiped off the table by a zealous seller, it threw down two more – like a hydra spouting endless heads against its aggressors. And the French didn’t quite manage to hold the line, as the physical premiums continued to come off. Were the French channelling the spirit of Verdun yet again? And on the other side, the Chinese are on the attack of course! Unipec launched the most aggressive offensives, especially late in the window but it couldn’t break Totsa’s fighting spirit. The bloodied and bruised Taureau put in a massive shift but the Dubai physical premium still slid, for the fourth consecutive session, to $4.28. It’s approaching a buck down from its peak last Friday and the line of travel is clear. The terrible 3s is coming, after we work off the 4s.
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