22 November 2024: 09:30 GMT
Dubai was very strong today and physical gained an impressive $1.32/bbl to reach $74.15/bbl. Once again, the price was right for Europe and it bought Brent, and almost touched $75 by the Asian close. We said yesterday that $75 could be on the cards, and it’s been teasing us this morning. Brent futures closed at $74.77/bbl, $1.21/bbl up on the day. But then the choppiness we’re getting accustomed to in European trading came in and the upward march stalled and dropped back towards $74.30/bbl just after 09:00 GMT. Dubai’s strength saw Brent futures/Dubai partials drop to 62c, from 73c yesterday.
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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