18 September 2024: 09:30 BST
Physical Dubai markets are holding strong, with Dubai partials pricing 52c over Brent, and today they set yet another record for the highest physical premium we have tracked since starting the Officials at the beginning of June at $2.26/bbl! These are expensive barrels, and with demand so rock bottom in Asia that some refineries are filing for bankruptcy, we ask what is driving this strength in Asia. Reliance was more active on the sell side in the window today, alongside Exxon. It smells like more run cuts in Asia to us, but who knows? The regulars were on the buyside, with Mets hungry as ever, netting themselves two convergences. One Al Shaheen from Exxon, and another Upper Zakum from Reliance. It’s like last orders at the pub, with that one drinker keeping on about ‘just one more’ to the bartender. NPI and Vitol also picked up a couple partials.
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.
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