11 December 2024: 09:30 GMT
We’ve got used to Asia selling and Europe buying. But today started the opposite to usual; Asia boosted prices to significantly retrace the slip late yesterday evening. Brent flat price reached as high as $72.75, briefly. But Europe came in and knocked it back down a peg towards $72.30. The Europeans had a slow start but by 09:00 they were up and swinging, sending flat price back up again! Back to almost $73 in half an hour. Flat price just can’t decide which way to go! But we
have to observed some strengthening on the back of positive Chinese oil import stats. Today’s Dubai window was cagey and many bids and offers went unanswered, being withdrawn after the window’s close. One aspect of the window trading we’re becoming accustomed to is seeing Exxon as the primary seller. Again, it was hitting bids whenever they came up high enough. Most trades were made up of sellers smacking buyers’ bids and buyers only managed to lift a few offers here and there. As ever, Totsa was chucking in plenty of bids and was joined by Glencore and Mercuria. BP also showed up bidding, like Hengli, though the latter couldn’t keep pace and didn’t pick up a partial.
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