08 January 2025: 08:30 GMT
Chinese demand ahead of the New Year remains fairly strong and has been driving flat price and structure. There was only one way for Asian trading to take Brent, Dubai and anything else: up! The Asian session opened and had us firmly back in the $77 range, before it closed at $77.60/bbl. A violent spike immediately after the window saw it jump to peak at $77.88. The $78 handle is dangling, tempting flat price up, but Brent is yet to establish a beachhead on those lofty slopes. $80 could be in the cards before everybody disappears during the upcoming celebrations for the year 4723. In the Dubai market, Totsa almost seemed overwhelmed by the number of offers, scrambling to lift them all before it lost out. Exxon, PetroChina and Reliance were all raining down offers onto the trading table, while Unipec threw a few down too, as well as hitting the few bids that buyers had chance to enter. Mercuria was one of the few buyers that managed to land a couple of bids – that were set upon by a voracious Unipec. Totsa got a whacking from the Chinese state company too. Totsa was obviously the heavy lifter, bulging like a Bulgarian weightlifter under an immense load he’s holding above his head. But is it in triumph? Well, Totsa did enough for the Dubai physical premium to firm up a touch and reach $1.60!
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