30 December 2024: 08:30 GMT
Totsa drove up the price of Dubai to above $75.00/bbl, the highest price for any benchmark crude in December. Brent closed the Asian market at $74.09 and WTI further behind at $70.50. Totsa, the Taureau, as we call them, had the horns on all month, buying and buying and buying Dubai. In December, the French major has bought a total of 33 physical cargoes in the Dubai window. Upper Zakum is the preferred grade this month, making up 26 cargoes of the total 38. The physical premium started the month at $0.89 and with one trading day left in the month it reached $2.25/bbl. This premium has huge implications for the economics of Asian refining as it will surely lead to a huge jump in Saudi OSPs of over $1.00 relative to the current OSPs. The rise in flat price and premiums then affects consumers across many nations, affecting billions of people, without any exaggeration. Totsa is believed to have reacted and grabbed the opportunity created by extra import quotas given to selected Chinese buyers.
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