28 August 2024: 09:30 BST
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.
Dubai physical premiums skyrocketed by over 50 cts reflecting hungry buying by Vitol and Gunvor. Dubai physical (Oct) closed at $77.70/bbl compared with December at $76.05/bbl. Trafigura tried to quell the fire by selling into the dynamic duo’s bids. But the buyers had the appetite and absorbed anything Trafigura could throw at them. The premium rise comes at a time that Saudi Arabia reviews market performance to then set next month’s OSPs. Asian end users will be impaled alongside poor Lennie.
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