13 November 2024: 09:30 GMT
The Convergence Day! Two cargoes to PetroChina and two to Totsa. The signals were clear that PC would be a physical lifter and Totsa is always game. Buyers in Dubai’s window stubbornly refused to go higher than $71.15, or maybe they were afraid to get smacked and some did. Eventually, buyers went no higher than $71.14 on their bids and chomped on several offers at $71.15. A reinvigorated Totsa was a ravenous buyer, bullish again but hey, prices are a bit low, aren’t they. We think Totsa’s great at ‘doing the arb’ versus the INE Shanghai crude futures contract. Said instrument creates opportunity for those willing to deliver mid sour grades into the approved delivered tankage. So, buy Dubai grades in the window and deliver to China. Glencore came out as a buyer too. Exxon was the big seller and Reliance and Unipec joined in, among others.
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