15 May 2025: 09:30 BST
The percolating US-Iran deal and rising inventories whacked the market…hard! Brent got battered this morning! It dropped like a stone at the Asian open, falling 60c off the bat and continuing to decline to below $64 for the first time since very early on Monday morning. By the close it managed to rebound slightly to $64.06/bbl – down $2.21/bbl and almost 3.5% from the previous close. The Dubai window turned into a bigger bunfight than international diplomacy. PetroChina was getting whacked from all angles by Vitol, Reliance and co, while also lifting plenty of their offers. Trafi showed up on the buyside too, while Mitsui was throwing its weight around as well, lifting Vitol offers like there was no tomorrow. Long gone are the days of a binary window, dominated by one major player on each the sellside and buyside – May has been chaotic to say the least. While Vitol and PetroChina remain two of the most prominent participants, they are finding their influence eroded by this armada of competitors. Just today, Mitsui bagged another convergence with Vitol – its fourth convergence of May so far. They’re hot on PC’s heels, which is on 6!
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