30 August 2024: 09:30 BST
A month where a lot of things happened from what could be considered as another round of Dated Brent
squeezes to Dubai being bought up, or sold, mercilessly and copiously. Fortunes, we are sure, were
made and lost with Dated Brent premiums rising alongside Dubai. But from another point of view, the
price went nowhere in particular rising and then falling and rising or falling again. Despite the heavy
Dubai buying the spread versus Brent lost ground. Closure to Libyan oil fields, escalating Middle Eastern
tensions – which proved fleeting – and targeted plays by traders have driven up western crudes. While
physical Dubai premiums jumped 28c to $1.28/bbl, Oct Brent rose 98 cts relative to Dubai to $1.83/bbl.
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.
