19 May 2025: 16:30 BST
The North Sea bursts into life! Recent sessions had been sleepwalking into a deeply depressed diff, as almost nobody showed any buying interest. Today, however, Glencore barged in with enough bids to fill several VLCCs. They went on the hunt for Midland, throwing bids in like crazy, though not high enough to result in any trades. But then again, there were plenty of other buyers more than happy to lift Midland offers: Litasco lifted Exxon’s 31 May-4 Jun Midland at Dated +$1.05; PetroIneos lifted Aramco’s 9-13 Jun offer at $1.35 over Dated; Trafi lifted Aramco’s 13-17 Jun offer at Dated +$1.50; BP lifted Aramco’s 17-21 Jun at Dated +$1.60! Whew!
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.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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