Will Cunliffe
Research Analyst, The Officials
The drought is over!
The Dubai window continues its mini-revival, Chinese gasoline prices are tumbling, coal continues its resurgence in Asia at the cost of Qata
The Dubai window continues its mini-revival, Chinese gasoline prices are tumbling, coal continues its resurgence in Asia at the cost of Qatar's economy while the broader global economy seems to be holding up relatively well.
Time to take a breath after a chaotic week. For the first time in a long time, prices firmed up today, with prompt Brent climbing to around $72.50/bbl in the Asian session, before some wobbles as Europe got going and brought it back down to $71.45/bbl by the close. This weekend should be a quiet one, however, as the Americans are busy celebrating their 250th birthday. Surely they won’t launch any boom boom during the festivities! The Dubai window is boom booming though! At least relative to June’s sleepwalk. We already reached the first July convergence after just three days – the first since May! Vitol declared an Oman cargo to Trafi, and are only two away from a second... They traded 19 partials in today’s window, out of a total of 24. Mercuria also sold a few to Trafi, while Mitsui picked up two from Vitol. The physical premium bounced off yesterday’s record low, gaining 67c to close at -$3.59/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.