13 January 2025: 16:30 GMT
Brent flat price spent a heady morning above $81, unfamiliar with such lofty peaks and slipped back towards an $80 handle after lunchtime here in London. But in the window, it managed to breach $81 again and finally closed at $81.12/bbl. Flat price had a choppy day but managed to hold onto the gains made on the Asian open this morning. The North Sea window was choppier than a butcher’s shop. There was only one trade but that doesn’t mean activity was limited. Forties was still the crude of choice, but BP’s CIF offerings found little interest. PetroIneos and Mitsui were on the other side, bidding FOB cargoes. PI’s persistent bid raising saw BP pop up to sell a late Jan cargo at Dated +80c to the British-Chinese combo. By our counting, that’s the 6th North Sea cargo for PetroIneos in 8 trading days! BP and Totsa were both after Sverdrup, but the grade proved elusive – where’s Equinor when you need them?! Glencore was offering Midland at +$2.45 over Dated but also saw little interest. PI clearly weren’t satisfied with just the Forties and bid for a 6-13 Feb Midland at Dated +$1.90 too. With all that, traders saw the physical diff reach around 80c.
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).
For any comments, please reach out to us through the emails provided in the signed documents.
