27 March 2025: 16:30 GMT
After a well-behaved trading session yesterday, PC and ADNOC crossed paths in the Dubai market and inverted the market again! Clearly nobody cares about an orderly market. Anybody who cares about things working properly awake anywhere or distorting in markets is an acceptable practice in key oil markets? ADNOC placed a bid at $74.80 immediately after PC offered at $74.75. Meanwhile, the Dubai physical premium hit its March high of $1.70… only to trip and fall 20c today to $1.50. And bam, they crossed again! A major told The Officials, “Ridiculous, how a producer bids and does not trade for the grade they produce and makes up the OSP”.
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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