10 September 2024: 16:30 BST
And the oil price went, poof! The seven handle evanesced and the price of front month Brent cut through the $70.00/bbl line of support and sliced into the swinging 60s. What a day! We diligently queried and probed trying to tease out the rare bullish supporting argument from an otherwise solid pack of bears and we found so little. Longs gasping for air said things like, ‘it is all priced in already,’ or some other not very convincing words. The parties carried on, but the shine was off, no matter how, everybody in the industry is between a bit long and very, very long.
In ‘The Officials’, Onyx Capital Advisory publishes 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 will initially be 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.
