29 April 2025: 09:30 BST
The Dubai buyside is a ghost town. Once Vitol had a couple of bids hit by PetroChina to complete a convergence – for which PC nominated a Dubai cargo – the tradehouse disappeared entirely from the window. The final bid was placed over 12 minutes before the window’s close and the remainder was a sea of PC, Hengli, BP and Reliance offers. By the end, Dubai partials had fallen to $64.64/bbl, down from $66.85/bbl yesterday and the physical premium got absolutely crushed – down to just 59c! Since Wednesday, the premiums dropped by $1.16! This is now the weakest physical premium since 29 November – since Totsa took the bull by the horns and upended the Dubai market.
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.
