07 January 2025: 16:30 GMT
The North Sea window was a chaotic affair. Forties, Brent and Midland were hurled across the floor. There were plenty of bids for FOB Forties – from Mercuria, Mitsui and a rare appearance from Petraco. But the Forties offers were for CIF cargoes only. Gunvor’s 19-23 Jan CIF Forties got picked up by Trafi at Dated +$1.35. Having both offered and lifted Forties yesterday, BP returned to offer Forties again today, but didn’t get any interest.
However, the British major also offered Brent for 22-24 Jan and lowered its offer to Dated +$0.20, sparking buying interest from Mercuria who bought the cargo at this level. Gunvor entered the window offering Midland and didn’t budge from its original offer of $1.60 over Dated for a 20-24 Midland. Eventually, PetroIneos scooped this up at the offered price. A messy one but that’s when it’s most fun 😊
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