Will Cunliffe
Research Analyst, Flux
Flat price goes nuclear!
Diplomacy in tatters, ADNOC OSPs hit Upper Zakum hard, more Dated Brent mania!
Diplomacy in tatters, ADNOC OSPs hit Upper Zakum hard, more Dated Brent mania!
Diplomacy is collapsing! The US and Iran won’t meet on Friday as the US won’t go to Oman for talks and the market is panicking. Brent futures spiked from under $68 to $69.75 after the news came out. The prompt spread bounced on the news too, recovering to 74c after the window.
Before the chaos, ADNOC was fast out of the traps this month with its March OSP release. March-loading Murban is set at $63.99/bbl, while Umm Lulu and Das are at 20c and 80c discounts, respectively – unchanged from the February OSP. But the big move is in Upper Zakum! It’s been slashed to a $2.10 discount against Murban – from a $1.40 discount for Feb.
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