Will Cunliffe
Research Analyst, The Officials
The biggest loser
Gulf producers desperately want to reduce dependence on the Strait, Europe’s fuel oil situation is moving fast and Canada’s retail data is i
Gulf producers desperately want to reduce dependence on the Strait, Europe’s fuel oil situation is moving fast and Canada’s retail data is inflating.
Price action was rather muted today, with the Americans on holiday for Juneteenth. The headline Israel and Hezbollah are agreeing a ceasefire injected some vigour, with Aug Brent dropping a good buck. It regathered, however, to close at $80.38/bbl. Many market participants have “mentally checked out” today, hoping simply to make it to the weekend after another week buffeted by headlines and noise. The North Sea players seemed exhausted too, as only Exxon showed up to offer 21-25 July Midland at Dated +$2.40 which they never lowered. So, the physical premium just rolled up the curve and closed half a cent higher to 43.5c/bbl.
The Officials publish outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which are published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.