Will Cunliffe
Research Analyst, The Officials
Turning down the volume
ADNOC is pumping out oil but IFAD is dying a quick death, there's a Chinese NEV rampage and freight costs are soaring.
ADNOC is pumping out oil but IFAD is dying a quick death, there's a Chinese NEV rampage and freight costs are soaring.
ADNOC is still pushing out oil at an impressive rate. For September, sources reported BP to lift 2 mil bbl of Murban, PetroChina picking up 1 mil bbl, while HPCL also bought. If you want to buy on a Murban future-derived OSP basis, get in fast – that game’s over as of 1 November! Lifters are happy with the change but the damage to IFAD is already visible. in August so far, average daily Murban futures trading volumes are down by almost 84% compared to the same period last year! And 70% versus last month. Liquidity has dried up like a puddle in the Arabian desert, and this leaves the price vulnerable to wacky moves, which will further drive liquidity away. Just see today’s price action as proof.
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About Asia Edition
Benchmark reports published at the close of the trading day in Asia.
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