24 September 2024: 09:30 BST
A busy and rather messy window. We like it. Traders and majors pushing and pulling Dubai. Sometimes value was even given away, with sales or purchases done up to 10c away from the last transaction and without offering or bidding incrementally. Our assessment filtered out the naughtiness and we closed Dubai at $74.85/bbl. Trafi installed itself firmly on the sellside again, alongside the month’s regular player: Exxon. They have a firm view on the market being long and refining being tired. We don’t disagree with the fundamentals, but today we felt very bullish on flat price after the Chinese did their thing. Markets do change, even if temporarily. Mitsui and North Petroleum remained the main buyers, feasting on almost all Exxon and Trafi had to offer. Gunvor was left picking up the crumbs that fell from the table with a partial from Trafi. Mitsui netted yet another cargo, an Upper Zakum, from Trafi this time. Aggressive selling looks to be paying off, as physical premiums fall to $1.81/bbl, the lowest so far in September.
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).
For any comments, please reach out to us through the emails provided in the signed documents.
