04 June 2025: 16:30 BST
The Saudis know how to build the tension! They had us waiting a while into the afternoon for the July OSPs. A 20c cut on the month for Arab Light to Asia – the same for Extra Light, while Medium got a 10c cut and Heavy held steady from the June OSPs. Hey, Arab Heavy is the good stuff they need for the summer burn, so no need to discount it! The cuts to Asian OSPs were slightly less than the month on month change on the Dubai backwardation structure implied, and perhaps the Saudis also considered the shenanigans in the Dubai market and the impact from the weak Murban during May trading. The Saudis also took some of the cash that they so generously gave in previous months; we noticed they had frequently set OSPs slightly below where structures had implied in recent months.
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