16 May 2025: 09:30 BST
PetroChina wrestled back dominance of the Dubai window following yesterday’s chaos, throwing down bid after bid, while also lifting plenty of offers. Mitsui didn’t want to be outdone, putting in a decent shift lifting offers by the likes of Exxon and Phillips, but it just couldn’t keep up with the zeal of the Chinese buyers, who scooped up another two convergences today: both Murbans, declared by Gunvor and Vitol. That brings the PC total for May trading to 8 – now double Mitsui’s count! Trafi also showed up on the buyside, picking off a few offers by Gunvor and Vitol. The Dubai physical premium seems to be treading water these recent sessions: after falling to $1.10 on Wednesday, it’s only ground up to $1.145 as of today.
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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