16 July 2025: 16:30 BST
An update regarding our Murban questions we asked Platts: We had a preliminary discussion with our fellow publisher, and they will prepare their answers in writing. We agreed this way is better as nothing will be lost in translation, so to speak. The issues are highly technical, and the company is still receiving comments. While we were supposed to be asking questions, they asked some of their own. We highlighted some issues including the fact that the proposal contains an inequity with the 50% discount one way and a 100% the other way. Dear reader we will be keeping you abreast of developments! In the meantime, we are still waiting for a reply from IFAD. Brent got dragged through the ringer today, dropping in the European morning and hoping Team America may come in to save the day. But they didn’t… And by the close flat price had tumbled to $68.02/bbl, even falling below $68 several times. The front spread has been whacked, clobbered and slapped this week. And it’s showing few signs of being out of the woods. From a peak at $1.28 on Monday, it has plummeted to just 80c today. Further down the curve, things held relatively steady as the front sold off – the monthly spreads managed to retain a few cents of backwardation until the July/August 2026 spread, after which things shift into a gentle contango.
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