25 February 2025: 08:30 GMT
The Dubai market went to sleep! All the traders could not be bothered to pull up their depleted guns, and those in London preferred to nurse their heads wondering: ‘why did I do it again! Don’t I know it hurts in the morning? 🥴 Not a single trade! The Dubai window players clearly had enough of convergence central that we saw in yesterday’s session. Sellers Chevron and Reliance completed some convergences yesterday, clocking a grand total of 3 cargoes! But today both had disappeared into the night, as if they’d been abducted by aliens. There wasn’t even a whisper of either the Americans or the Indians in this morning’s window. The only one who showed up to offer was Unipec and even they only put in a half-hearted attempt. And so there was not a single trade ☹. Bidders were far more numerous, with BP and Vitol leading the charge. They raised bids repeatedly but Unipec’s offers remained elusively high. And when they did close the gap, neither side wanted to budge from their final entry, putting Dubai at $77.795. Sometimes naughty traders spot an opportunity and come up with interesting bids or offers, sort of when the cat is away, the mice come out and play!
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