26 November 2024: 09:30 GMT
The window was once again a tight battle between buyers and sellers, but by the close of Asia, Unipec was once again the driver in the window, swatting away bids from Totsa and co, seeing the Dubai physical premium ease to 76c/bbl, down 6c from yesterday. There were even more convergences, too; in fact, we counted three more, meaning 42 total for the month. Exxon declared an Upper Zakum to Total, Trafi declared and Al Shaheen… also to Total. But Total weren’t the only buyers to converge today; PetroChina also converged with Reliance on an Upper Zakum. Things are clearly heating up for Upper Zakum, which has traded almost 60% of their exportable production. In total, across Al Shaheen, Oman and Upper Zakum almost 40% of exportable production has been traded in the window. That’s a huge chunk of the programme this month. Totsa alone account for 27% of total exportable production this month at 14.5 mil bbls, which as we discussed yesterday, will be ultimately landing in China.
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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