26 February 2025: 08:30 GMT
Following yesterday’s slaughter, Brent flat price held steady in the low-$73 range through Asian trading. It closed at $73.34/bbl. Post-window it dipped below $73 again. Meanwhile, in Dubai the silence is deafening. Sellers have really gone MIA. Or maybe the imbibement disabled them. Only Unipec turned up at all really today, making only minimal efforts to offer. But at least the Chinese turned up. Chevron and Reliance have really disappeared into the dust. The buyers laid siege to the sellers’ castle and there was nobody home to defend it. The bid/offer spread was a gaping chasm as no seller made any significant effort. By the window’s close, the best bid came from Vitol at $76.05, while Unipec’s best offer came to $76.45. If you ever wanted a visualisation of how cagey the trading was, voilà!
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.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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