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The Officials: North Sea Erupts!

02 June 2025: 16:30 BST

The first Dubai window of June may have been silent, but the North Sea was anything but! Totsa stormed in early on to bid for a whole range of mid- to late-June Midland cargoes. Mercuria came in bidding for Midland too, while BP, Shell and Repsol all offered. An eruption of interest! Like Etna in Sicily. Totsa got lucky, as Repsol sold it a 16-20 June cargo at Dated +$1.60, while BP and Vitol each hit one 26-30 June Midland to Totsa at $1.90 over Dated! Just one more with those dates will net Totsa a VLCC… After such a busy first June window, the physical differential zoomed up to 61c!

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