8 November 2024: 16:30 GMT
Trends exist to get bucked. Today the yanks gave up their bullish ways. A tearing dump at 15:00 threatened a line of resistance at $74 and finally sent flat price down into the mid-$73 range and it consolidated to close at $73.57/bbl. The last few days have been divided between weak flat price action in the morning, followed by a rally as the Americans came in for the afternoon stint and sent it back upwards. The North Sea window was hectic but we got some bids! Mitsui offered a Forties for 27-29 Nov at Dated +$0.50, while BP played to both sides for different grades: bidding Sverdrup at -$1.75 over Dated, which Equinor hit, while its offer of a 7-9 Dec Brent at Dated +$0.40 went unanswered. Eni is still trying to shift its Ekofisk, lowering a 25-27 Nov to Dated +$1.10. Gunvor’s offer of a Midland at $1.35 over Dated was lifted by PetroIneos – yet another cargo for the thirsty British-Chinese venture. That makes 6 in November. Remember PetroChina’s been buying lots in Dubai too. Phillips was still offering a Midland, down to Dated +$1.40 but didn’t find any takers.
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