20 September 2024: 09:30 BST
Well, it looks like Dubai couldn’t hold on much longer after all. Physical premiums shed 42c in just 1 day. And Dubai’s premium over November Brent futures flipped back into negativity. Brent futures are back in top spot, closing 21c above Dubai partials. Dubai front spreads dumped 33c from $1.44 yesterday to $1.11 today. Despite this, Dubai’s structure is still strongly backwardated, with strength down the curve. But to us, as Powell likes to say, “the direction of travel is clear”.
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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