The Official Reports

We said yesterday that the market really wanted to go up, regardless of fundamentals. Seems like bulls were too attached to Libya or to some fluffy nonsense as Libyans really need the money and so they’ll find a way to accommodate and keep the cash flowing. Remember technicals are noise but macros always win in the end and macros are super bearish – we say this with in situ reporting from China.

Dubai surged relative to Brent, closing the spread. China is widely seen as underperforming but the weak
picture as we enter the fall is not translating into softer Asian benchmarks. Dubai is the outperformer so far in
September. The prompt weakness in the Dubai we saw throughout the back end of August has been left in
dust after expiration. Vitol continued to bid and are seen as winning with Dubai physical premia rising to over
two bucks in the first two trading days of September.

Boom! Brent flat price blazed a trail back up from the meagre sub $79/bbl handle it had been holding since yesterday evening to bound up to the $80/bbl level with a huge jump through the afternoon. But almost as quickly as it rose up, it got smacked back down again by almost 90c. According to a trader Brent “basically gapped down on nothing” and was “just following spreads”. The longs who took their winnings beforehand will be feeling pretty pleased with their afternoons and get a cosy night’s sleep on a big pillow of bank notes.

Boom! Brent flat price blazed a trail back up from the meagre sub $79/bbl handle it had been holding since yesterday evening to bound up to the $80/bbl level with a huge jump through the afternoon. But almost as quickly as it rose up, it got smacked back down again by almost 90c. According to a trader Brent “basically gapped down on nothing” and was “just following spreads”. The longs who took their winnings beforehand will be feeling pretty pleased with their afternoons and get a cosy night’s sleep on a big pillow of bank notes.

Boom! Brent flat price blazed a trail back up from the meagre sub $79/bbl handle it had been holding since yesterday evening to bound up to the $80/bbl level with a huge jump through the afternoon. But almost as quickly as it rose up, it got smacked back down again by almost 90c. According to a trader Brent “basically gapped down on nothing” and was “just following spreads”. The longs who took their winnings beforehand will be feeling pretty pleased with their afternoons and get a cosy night’s sleep on a big pillow of bank notes.

Boom! Brent flat price blazed a trail back up from the meagre sub $79/bbl handle it had been holding since yesterday evening to bound up to the $80/bbl level with a huge jump through the afternoon. But almost as quickly as it rose up, it got smacked back down again by almost 90c. According to a trader Brent “basically gapped down on nothing” and was “just following spreads”. The longs who took their winnings beforehand will be feeling pretty pleased with their afternoons and get a cosy night’s sleep on a big pillow of bank notes.

Boom! Brent flat price blazed a trail back up from the meagre sub $79/bbl handle it had been holding since yesterday evening to bound up to the $80/bbl level with a huge jump through the afternoon. But almost as quickly as it rose up, it got smacked back down again by almost 90c. According to a trader Brent “basically gapped down on nothing” and was “just following spreads”. The longs who took their winnings beforehand will be feeling pretty pleased with their afternoons and get a cosy night’s sleep on a big pillow of bank notes.

Yesterday Vatman and Gobin were firmly in control but today the story was different. Almost all of the Dubai
Duo’s hard work yesterday was erased at the close of Asia on a premium basis. Relative to other benchmark
grades, Dubai got slammed, with October Brent futures premium over Dubai physical cargoes widening by
88c to $1.79. On a physical premium basis, compared to yesterday, the longs were hammered, with Dubai
partials premium minus Oct swaps falling by almost 50c to $1.17. It lost almost all it gained yesterday.

The sucker went down. We are talking about the flat price, as Brent flat price shed almost $2.50/bbl against yesterday. But in Dubai is a completely different story. The longs are winning on a premium basis.

27 August 2024: 16:30 BST Having surged upwards yesterday morning on the weekend’s bullish geopolitical news, Brent stagnated around the $81/bbl mark today before sliding to around $79.60/bbl by 18:00 BST in a sell-off after market close. “They’re keeping the

27 August 2024: 09:30 BST Flat price Dubai underperforms while Brent gets a boost. There are many reasons why: sources reconfirmedthat Libya shut off its crude production. 1mb/d of light sweet crude off the market plus the gold Power Powelldusted

26 August 2024: 09:30 BST Vitol and Gunvor had a tougher window today, “Trafigura sells to” was the theme. But the flat price soaredregardless, but the real action was in Brent. Any price seemed right to sell to, and Trafigura

23 August 2024: 16:30 BST Oh, what good weekends are made of! Gold, money or oil, or stock markets everywhere!!! All went up. Thepower of the FED. Power Powell, we mere mortals, dare we christen you as Midas? We genuflect

23 August 2024: 09:30 BST Dynamic duo Vitol and Gunvor’s avid purchasing is having a discernible impact on the physical premiumswhich have now risen to $1.12/bbl, the highest level of the month. The aggressive bidding has boostedphysical premiums by 25cts

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.