Will Cunliffe
Research Analyst, The Officials
Dubai Demolition!
Dubai weakens dramatically and the window is very offered again... Gas chaos across prices and operations
Dubai weakens dramatically and the window is very offered again... Gas chaos across prices and operations
Crude is grinding along, not massively changed through the Asian session today, with Brent reaching the close at $84.39/bbl. The prompt spread softened slightly, however, down to $1.30, having exceeded $2 intraday on Tuesday.
Dubai was the weak one today; the Aug Brent/Dubai swap climbed to $5.52 by the close, as the window was another heavily offered one – the swap is now about $1 up in two days and even went higher than $6 post-close! In the window, Trafi remained largely MIA, while the big boys on the sellside continued to offer down – both Mercuria and Vitol were aggressive. BP was following up the rear in their wake.
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