2 May 2025: 09:30 BST
While on the surface globally crude seems hands off, in Dubai it’s time to flip the script! Gone are the days of early-month caginess and jockeying for position in the physical window. PC and Vitol (and Gunvor) reversed roles and gave us a neck ache. Seller becomes the buyer and the other way around. This’s just a reflection of spread trading. Where you sold one month and bought the other one. Sadly, both Vitol and PC have to play the reverse role when the month expires and rolls into the new one.
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.
