Edward Hayden-Briffett
Research Analyst, The Officials
Back in the 80s
Big moves at the top of oil, Europe's situation is deteriorating, Nigerian regulators clamp down while Dangote throws his toys out the pram.
Big moves at the top of oil, Europe's situation is deteriorating, Nigerian regulators clamp down while Dangote throws his toys out the pram.
Back to the 80s! Flat price rallied in the afternoon, reaching the close at $81.49/bbl. It kept charging after the window, approaching $82/bbl. The prompt spread reached $2 by the close. Today’s North Sea window was a solitary affair. Only BP turned out, offering both Johan Sverdrup and Grane for 17-21 Aug loading. Equinor lifted the JS at Dated +$1.30 choosing to load for 17-19 Aug, but the Grane went without a buyer despite being offered down to 40c under Dated. As a result, the physical differential was unmoved, closing at $3.65/bbl. Europe’s situation is only deteriorating. The mega heatwave is dragging on and the drought continues; Hungary has closed its nuclear plant, and now important public buildings are turning off the lights to save energy! See more on the precarious power situation and lack of gas on the next page.
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