27 January 2025: 08:30 GMT
Another bout of Totsa frenzy. The French threw in bids faster than Unipec and its fellow sellers could clear them out. To be fair, Unipec was the only seller making a serious effort in hitting Totsa bids. Reliance was happier to put its own offers down and let Totsa snap them up – which it did with pleasure . With this showing, Totsa gained a convergence with each of Unipec and Reliance. Unipec declared another Oman cargo to Totsa – the eighth such convergence in January so far. Meanwhile, Reliance declared a standard Upper Zakum to Totsa – its second of the grade following the convergence on 22 January. The Dubai physical premium strengthened to $4.64. But, relative to Brent futures, Dubai partials underperformed. Remember there are only 2 more Dubai windows this month!
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