Will Cunliffe
Research Analyst, The Officials
Talking down to the price
Prices are hemorrhaging, sources tell us the Jizan refinery is out of action for 15 days and Asia has an insatiable appetite for coal.
Prices are hemorrhaging, sources tell us the Jizan refinery is out of action for 15 days and Asia has an insatiable appetite for coal.
The peace talking has brought flat price down again, as Brent dropped into the mid-$80s this morning – even briefly below $85 for the first time since 17 July. The prompt spread weakened from its $7 high late last week towards just $2 again. Netanyahu is in the US to lobby Trump to continue the fight against Iran, but the Don seems fatigued – like the rest of us – and is making more TACO-ish noises again. He’s running out of money, missiles and motivation. And the mid-terms are coming! Motivation in the Dubai window waned too, as bids were few and far between, and sellers were somewhat standoffish. Mitsui and Trafi both withdrew bids before the close, leaving BP’s the only one to get hit – and the only trade. Offers from Unipec, BP, Vitol, Shenghong and Phillips all lowered offers but no buyers fancied them. As such the physical premium tumbled to $4.25/bbl, down $1.71/bbl.
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About Asia Edition
Benchmark reports published at the close of the trading day in Asia.
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