28 January 2025: 04:30 GMT
Another round in the brutal battle for Dubai supremacy, with seemingly the same winner. Despite Unipec’s best efforts, the Dubai physical premium even strengthened to $4.95! Totsa’s bids were incessant and plentiful. Unipec put in a major shift to clear many of them out and even tried to drag the market down by hitting a Gunvor bid 10c below Totsa’s once it had cleared through the hailstorm of Totsa bids but couldn’t make it stick and Totsa was quick to pounce, throwing in another bid and hauling the market back up to $81.25. While the two usuals were dominating the bar, others were quietly bidding and offering too: Gunvor threw down its fair share of bids, while Shell was a persistent seller, hitting Totsa bids and making its own offers.
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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