Will Cunliffe
Research Analyst, The Officials
Pump and dump
Wacky price movements, US marine fuel buyers are delaying purchases as prices crash while lawyers are in even hotter demand than oil!
Wacky price movements, US marine fuel buyers are delaying purchases as prices crash while lawyers are in even hotter demand than oil!
Wacky price moves! Brent flat price spiked to $83 on no news and had the market in uproar, as a rumoured 15k lots of August Brent futures changed hands. Chatter instantly turned to algos going haywire, war news yet to break and insiders chasing in their shorts and reversing positions. Whatever freak event, flat price immediately dropped again to $79.67 by the close. Trump is back to threatening bombings and missiles if Iran doesn’t play nicely and give him what he likes, but largely the market is ignoring the noise. The North Sea window was busier today. Totsa bid 6-10 July Midland again, this time at Dated +$2.20. Gunvor offered 10-14 Midland at $2.25 and Repsol offered Midland too, at $2.25 over Dated for 17-21 July. But none of these Midland bids/offers were exactly energetic – Repsol never even lowered. Finally non-Midland too!
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