07 January 2025: 08:30 GMT
The window saw 2025’s first convergence, on the fourth trading day of the year. No prizes for guessing who picked it up. Of course it was Totsa. And naturally it was Exxon providing. Exxon declared an Upper Zakum cargo to the thirsty French aspirateur. Totsa was happy to lift bids from any of a number of sellers. Unipec’s offers, those from Trafi or Reliance, they all got a bashing. Vitol got a smack too, as did Shell. But the number of sellers was overwhelming, as Totsa’s mighty effort failed to halt the slip in both the Dubai physical flat price and Dubai physical premium from yesterday. The buyside players were few in number, but Totsa’s aggression made up for its solitude. Only Mercuria and BP were also there, and their bids went largely unnoticed in the sea of Totsa lifting and sellers working at full speed to keep a handle on the rampaging Taureau. Despite another impressive showing from Totsa, the Dubai physical premium slipped to $1.56, 5c down on the day. Is the indefatigable monster finally flagging? Can it make it to Chinese New Year in February, when we’ll get a couple of days with no Singapore window?
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