12 December 2025: 08:30 GMT
Happy Friday, folks! Hope you are enjoying the activity in the Dubai window, because in swaps the market is “dead today” according to a Dubai trader. But one person is still playing the game, at least! Glencore’s keeping the activity in partials hot, grabbing every single one of the 70 trades in today’s window. Unlike previous sessions, though, most (36) were sold by Equinor, with Hengli coming second, selling only 10 times, while Exxon, Shell, Trafi, BP, Reliance, Sinochem and Unipec
were all there but selling in single digits really. We saw three more convergences this morning as Equinor, Hengli and Shell all declared an Upper Zakum cargo each to Glencore. Meanwhile, the physical premium edged up to 50c, but the running monthly average is now at 66c, already 23c lower than November’s trading average.
The Officials publish 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 are 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.
