01 July 2025: 09:30 BST
Rolling out of bed and down the hill for flat price. As August Brent expired, the September contract came to the fore and slid to under $67 this morning. The prompt (Sep/Oct) Brent spread closed the first Asian session of July at 94c.
If you were used to June’s Dubai window, forget what you knew… Today we saw a staggering 68 partials traded and PetroChina is back – back on the sellside big time! And guess who’s back on the buyside? Yep, it’s the Vitol and PC show again – they’ve already hit two convergences in this first window, with PC nominating two Upper Zakum cargoes! PC sold 59 partials today, Glencore sold 7, while Reliance and Hengli one apiece. Vitol was buyside for 59 trades (though not all with PC), while Exxon picked up 6 and Gunvor bagged the other 3. A white-knuckled window after the somnambulance of June saw the Dubai physical premium jump 28c to $2.95 – though it’s still lower than its peak of $3.40 on 23 June.
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