10 January 2025: 08:30 GMT
80 bucks for oil? Yeah! Brent futures is almost there and Dated’s way over the line. Asia pushed it up and Europe pushed it further. Prices steadily climbed in ‘a monster rally,’ said a trader. The baton was handed to Europe and then to the Americans, how far can it go? It almost feels that Biden is flexing regardless of the consequences because he won’t be blamed. Never mind the electorate! Trump is being set up to be a dive and clean up Biden’s mess. Before the rally really took hold, in the Dubai window we saw a stream of “Totsa buys from”, making just a few bids early on. There were also small buyside contributions from Mecuria and Mitsui. But it was clearly the French major setting the pace again today. Unipec, Exxon, Trafi, Reliance, Koch, Vitol and PC were all offering, but even despite the pressure from all sides, Totsa’s continued thirst for Dubai grades saw premiums up again to $1.77. That’s the highest premium in 2025! (We know we’ve only had 7 sessions but let us have our fun ). Dubai partials closed the window at $77.95/bbl, the highest physical Dubai close since 11 October! Totsa were at it in October, November and December, so why stop in January? Keep milking that winning strategy like an endless cash cow!
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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