18 December 2024: 09:30 GMT
The French Connection keeps on connecting More Upper Zakum for Totsa! This time it’s Reliance providing the UZ, while Vitol gave the French behemoth another Oman convergence. We’ve tallied them up and that makes 15 convergences in the Dubai window to Totsa so far this month! Unsurprisingly, the window showed yet another bidding frenzy by Totsa, whose bids overshadowed those of Mitsui, Phillips and Hengli. Bid after bid came flying down on the creaking deals table, as Totsa slammed its fist and shouted for attention! Again, it took a plethora of sellers to hold the rampaging bull at bay: Exxon stepped up to the plate again, while Vitol and Reliance obviously slapped a few Totsa bids too, and Equinor joined in on the fun again. After another exciting instalment of the long-running Totsa Show, the Dubai physical premium firmed up to reach 95.5c, marginally stronger than its previous December high. Is a $1+ coming? Do the bears like the woods?
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