09 December 2024: 16:30 GMT
Well that didn’t last long. A brief test of $71 ended when markets decided prices weren’t high enough and they quickly pierced the $72 handle, and the Americans kept the momentum going. Feb Brent closed over a dollar up, at $72.41/bbl. Back in the $72-75 comfort zone, as geopolitical risk comes back to the fore, never mind the bearish fundamentals. Last week’s pattern looks set to continue. Equinor is still selling heavily in the North Sea, offering cargoes across grades: Ekofisk, Troll, Oseberg, Johan Sverdrup and Midland were all on the menu today. Trafi was bidding for Midland and, once it had increased its bid to Dated +$2, Equinor made the most of it. That didn’t stop Trafi from continuing to bid for more of the same, raising a 27 Dec-1 Jan Midland to Dated +$2.05. Trafi also went in bidding for Troll and Ekofisk. Eni made an appearance, lifting a Midland from Equinor at $2.05 over Dated. Equinor has really been covering all bases and offering all sorts in December’s North Sea windows so far. Totsa was relatively quiet in this afternoon’s window, only bidding for three Midlands ranging from end-Dec to early-Jan at around Dated +$1.80, after its frantic bidding and buying last week.
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