28 May 2025: 09:30 BST
Don’t believe what the West says, China is not alone and has many friends! The Dubai window showed PetroChina isn’t entirely isolated on the buyside, as Phillips showed up to lift a few partials from the likes of BP and Totsa. And that makes the Gang of Four. But, as ever, it was PC doing the lion’s share of the work, bidding with as much vigour as ever! Vitol was back as the main seller, though joined by Totsa and BP, while Reliance and Gunvor skirted around the edges of the sellside and buyside, respectively. The more active buyside today saw the physical premium continued its upward momentum to hit $1.49 today – its highest since 9 May. In the end, Vitol nominated an Oman cargo to PC, the third of the grade this month. Clearly the Murban stores at Vitol have dried up, as they’ve only nominated one of those since 16 May.
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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