27 September 2024: 09:30 BST
Wowza! China fires the bazookas!!! Dubai physical is pricing strong; premiums reached the highest since we began tracking at $2.43/bbl, up over 30c from yesterday. Dubai is powering up higher than Brent. Traders are highlighting many conflicting drivers: more Libyan crude supply is technically bearish for Brent and for the spread versus Dubai. Saudi rumours of more crude supply are bearish for Dubai but bullish for the spread. And then the Chinese come in, throwing everything including the kitchen sink to prop up the economy. The politburo won and any bear was crunched. Dubai continued to rise over Brent and the Dubai structure strengthened. Iron ore and the Asian stocks markets were on a run as well, happy times are back!
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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