28 January 2025: 16:30 GMT
Brent bounced back early and traded above $78! The longs were happy. But the afternoon didn’t fill their dreams to go into Chinese New Year with their pockets bulging, as flat price crashed back down. By the close it had fallen to $77.13 and kept it going to below $77 again. The mid seventies are calling…Trump’s pronouncements weigh heavily on the market. In the North Sea window, the interest in Forties has been relatively muted of late, but that didn’t discourage Totsa from coming out to bid all alone for the grade. The real fun was in Midland again, although everyone was firing blanks after yesterday’s sharpshooting display from Mercuria. Today, Equinor, Gunvor and Exxon were lowering offers with aplomb, but Mercuria’s aim seemed to be off and the stars didn’t align today. Gunvor and Exxon were both offering cargoes for earlier than Mercuria seemed to want, while Equinor’s offer for a late Feb (which appears Mercuria’s preferred flavour) didn’t come down low enough to tempt the Midland glutton into a trade, and nor did Exxon’s late-Feb offer.
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