2 September 2024: 09:30 BST
The physical premium in Dubai continues to run up – just don’t look at the flat price – despite more OPEC
production, slow economic data and an improvement in Libya. It does not matter; longs are in control
of the premiums. Against the odds, Dubai opened strong at the start of September compared with last
month. The prompt weakness we saw in front spreads seems like a distant memory, with November Dubai
partials pricing at $1.38 over M1 swaps. Physical premiums rocketed to $2.05/bbl, the strongest since we
began collating data.
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.
