Will Cunliffe
Research Analyst, The Officials
You had us in the first half
Dated Brent had a polar day, US SPR withdrawal rates slow, Europe's energy situation is getting dire and only a few are braving the Straits.
Dated Brent had a polar day, US SPR withdrawal rates slow, Europe's energy situation is getting dire and only a few are braving the Straits.
A day of two halves for Dated! Initially CFDs sold off and the Sep DFL dropped hard but a bid physical window gave the market some support late in the day. Bids came in across Midland, Forties, Oseberg and Ekofisk. Equinor lifted a 23-27 Aug Midland from Glencore at Dated +$5.95/bbl, while Totsa bid $6.20 over Dated for 15-19 Aug. Equinor also bid 23-25 Aug Forties at Dated +$4.50 and 24 Aug-1 Sep Ekofisk at $6.30 over Dated. Trafi bid Forties too, for 15-21 Aug at Dated +$4.30, as well as Oseberg for 28 Aug-1 Sep at $7.10 over Dated. Finally, Phillips bid 26-28 Aug Ekofisk at $6.15 over Dated. Such a well-bid window sent the physical differential up again to $3.95. The broader market was choppy but largely directionless today, with Brent flat price oscillating mostly in the range of $83/bbl.
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