31 December 2024: 04:30 GMT
What a year it has been! We tested low 90s and we also tested high 60s. But we are closing the year definitely towards the lower end of the range still trying to secure a $75.00/bbl beachhead for Brent as we enter the New Year. The year started with some promise for producers, as the market flirted with the low 90s trying to climb into a three-digit market… but it was not to be. Even so, Dubai ended the year on a high, with Totsa engaging in a window-based version of the classic gameshow ‘Supermarket Sweep’, hoovering up all the supply it could get its mitts on. In Ancient Greece, there was the Minotaur and nowadays in the Dubai Market there is the Major Taureau . The extremely strong Dubai physical premium we’ve seen – even reaching above $2 – in the final trading week of December puts the Saudis in a bit of an OSP pickle. How will Aramco’s leadership react to the market signals it has to contend with, even if they’re distorted, and the long-term symbiotic relationship with their customers? We’ll find out soon enough…
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.
