23 September 2024: 16:30 BST
Hmm, odd way of trading, very odd indeed. What are Trafigura and PetroIneos up to? One may ask very innocently. Let’s look at the data. Only Wednesday last week, this week’s Dated Brent implied differentials were trading at around 85c. But one may also say that diff was merely an expectation that must be validated by reality. But then reality can be distorted, can’t it? You decide. Trafigura opened the physical North Sea window – a misnomer but never mind – with your favourite grade that solves all Dated problems, or so we heard, Midland. Trafigura offered an Oct 18-22 Midland at Dated +$2.80. A smidge high, we would say. The early offer time of 15:44 BST piqued our curiosity. The offer was subsequently lowered to a premium of $2.75/bbl. PetroIneos obliged to such an attractive high offer and bought the cargo! This high number blew our socks off and we think everybody else’s too.
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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