07 February 2025: 16:30 GMT
Like yesterday, the European morning saw lots of lateral movement as Brent flat price fluctuated mildly in the gentle market wind, like those idling wind turbines in Germany… Today, $75 really was the ceiling, as flat price bounced along in the upper $75 range, edging above $75 for the close of the Asian session this morning but otherwise failing to smash through that glass ceiling. Flat price plunged in the window, dumping to $74.46/bbl at the close. The North Sea window was another Midland fest. Early on, Gunvor and Equinor barged in, trying to get yet more Midland off their hands. Equinor was really keen to shift Midland, offering a 25 Feb-1 March cargo down to Dated +$0.70. Gunvor apparently liked the look of that enough to flip from the sellside and grab it. But Gunvor kept its own Dated +$1.25 Midland offer on the table. That’s not the first time we’ve seen Gunvor offering yet opportunistically buying. Bargain hunters! Gunvor was firing on all cylinders and shifted its attention to offer an Ekofisk too.
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