12 November 2024: 09:30 GMT
The Brent futures structure got slammed with tumbling flat price. Front month Brent spreads are down to just 19c this morning. And Dubai went along for the ride too. The Dubai physical premium tumbled to 47c – the lowest since early June! Despite Totsa’s valiant efforts, channelling the spirit of Verdun in this morning’s window, Unipec’s incessant bid hitting forced physical premiums down. Someone’s in the money and someone’s getting shafted. With the average physical premium for November falling to just 65c after today’s weakness, Totsa looks like it miscalculated with all its buying in October, when the physical premium was above $1.50! Sellers are in command once again.
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