27 August 2024: 09:30 BST
Flat price Dubai underperforms while Brent gets a boost. There are many reasons why: sources reconfirmed
that Libya shut off its crude production. 1mb/d of light sweet crude off the market plus the gold Power Powell
dusted on markets which sent Brent and WTI prices and spreads rocketing. But Dubai lagged big time as Asia
remains between sick and comatose. Even piano sales have collapsed in China. Oct Brent futures premium
over Dubai has widened to $1.85/bbl, nearly the widest since mid-June. This crude weakness creates an
opportunity. So, if you’re a Chinese refinery, would you buy expensive Brent-related crude or Dubai-related or
even Dubai itself? This phenomenon is sparking some demand and a reaction in the Dubai premium.
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).
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