22 July 2025: 09:30 BST
The Dubai window continued in much the same vein as in recent sessions, with the physical premium remaining firmly anchored around the sticky $3 level it’s been inhabiting throughout July trading. Today, Gunvor was the aggressor, lifting plentiful offers from the likes of PetroChina, which remained active offering though was less spritely at hitting bids than we’ve seen lately, Reliance and Hengli, while Glencore got lifted a fair amount too. Exxon and Vitol joined in on the lifting bonanza but it was Gunvor alone that reached a convergence today, with Reliance nominating an Upper Zakum cargo. This brings July’s total convergence count to 13, of which every one has been UZ and only two have been nominated by non-PC sellers (Glencore and Reliance). Clearly, it’s Vitol that’s collected the most, having picked up 8, while Gunvor’s bagged 3 and Exxon got the other 2. This saw the physical premium slide slightly to $2.94.
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.
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