17 September 2024: 09:30 BST
What is Mitsui, big buyers of Dubai partials, up to with all its oil, given Chinese teapots are dropping like flies as margins get crushed? An exaggeration we know but two teapots are down. The situation is awful and we are reminded by another data point. Vietnam’s exports of cement into China are down 90% as construction is flat on its back. Cement is very highly energy intensive and so is construction itself. You know where we are going with this…diesel is impacted very negatively. The front month Arab Gulf 321 crack is creaking under the strain, down to $5.66/bbl from its February peak at $19.35/bbl! Dubai physical premiums continue to climb and are at the highest since ‘The Officials’ began tracking the data. Premiums are at $2.12, up by almost 10c from yesterday.
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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