02 June 2025: 09:30 BST
A new dawn, a new month, a new window? Maybe but nobody can decide just yet. Not a single trade in June’s first Dubai window, as the players got all cagey and didn’t want to take the bull by the horns. The Taureau was back but looked rather solitary as a bidder, not raising too aggressively and lacking support on the buyside. PetroChina had been the primary buyer in May but today decided to try its hand at both bidding and offering, though it seemed more committed to the sellside and withdrew its bid well before the close. The sellers were more numerous – Unipec, Reliance, Hengli and BP among them – and, without anybody seizing responsibility on the buyside, the physical premium (now reflecting June/August) fell to $1.31. But on an implied basis the premium closed the month in May at 77c.
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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