Will Cunliffe
Research Analyst, The Officials
Dry Dubai
Aramaco's Q2 profits soar, BP have their beast earnings for years, Iraqi oil output improved in July and Chinese run rate set to increase.
Aramaco's Q2 profits soar, BP have their beast earnings for years, Iraqi oil output improved in July and Chinese run rate set to increase.
August’s Dubai window is yet to spur into life as today’s was another cagey affair. Just two trades took place as Shell bought two partials from Unipec – but Shell never bid itself. Unipec was the only player to offer, while Gunvor led the bidders and Trafi followed in their wake. In thin window liquidity, the physical premium went nuclear increasing by $3.14/bbl to $7.18/bbl. That’s the strongest since 24 July. The doom and gloom has infected the biggest players. Aramco’s CEO said it will take 18 months to refill oil stockpiles – at 2.1 mil b/d! And that assumes the Strait opens and traffic returns to normal immediately. Reportedly, Iran and Oman are considering divvying up responsibility for Hormuz traffic: Oman will be in charge of departures (with Iranian oversight), while Iran takes charge of entries.
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About Asia Edition
Benchmark reports published at the close of the trading day in Asia.
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