12 December 2024: 09:30 GMT
We’re back to convergence central. Vitol declared an Oman, Exxon declared an Upper Zakum and PetroChina declared a Dubai. You’ve got one chance to guess who they sent it to. Yep, every single one went to Totsa. Yet again it’s the French vacuum cleaner hoovering them up. Whatta lotta Totsa. Indeed, Totsa was all over it in the window, bidding incessantly. The French were also lifting offers from a great range of sellers – BP, Phillips, Exxon, Trafi… whoever they can find and give a battering. Equinor was among them, though it was much less enthusiastic than in its North Sea offering in the past couple of weeks. As far as we could see, no other buyers were tempted, facing of Totsa’s prolific aggression. That didn’t prevent the likes of Mercuria and Hengli bidding, even if they didn’t get a reward for their efforts. After Totsa’s goliath buying efforts, the Dubai physical premium jumped to 94c, the strongest we’ve seen since late October! Meanwhile, prices kept going up in Asian trading and Brent flat price troubled $74/bbl by 09:00 GMT. It closed the Asian session at $73.79/bbl.
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