05 December 2024: 16:30 GMT
More of the same from OPEC at its meeting as it delays unwinding voluntary and collective production cuts. More dilly dallying. More procrastination. What’s new? Well, the leaks are only getting worse as member states get fed up waiting for a release of barrels and jumping the gun. Lots of up and down action ended with Brent at $72.13/bbl at the close. And one source says, it is not a million b/d excess production from the UAE, it is only 400 kb/d. Hahahah! OMG, we had to laugh. The window was another déjà vu, as Trafi and Totsa kept up their aggressive bidding, each one looking for Midland, while Equinor offered both Johan Sverdrup and Midland. In the Midland, the buyers and sellers couldn’t find a middle ground, with quite a wide spread between bids and offers. Trafi and Totsa were reluctant to raise their bids above Dated +$1.75, waiting instead for Equinor to come and meet them. The Norwegians brought down their 21-25 Dec to Dated +$2.20 (rather high in our view) but gave up there and withdrew. Their offering of 26-30 Dec Midland at $2.15 over Dated went unanswered, as did those for Oseberg and Johan Sverdrup. BP also showed up, offering an Ekofisk at Dated +$1.50, but that wasn’t picked up either. We ended up not seeing a single trade – for the first time this month!
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