30 September 2024: 09:30 BST
What a month September has been. We had rumours of OPEC releasing production, then deciding not to. Libya cut off production, now it’s bringing it back to market. We had Middle East flare ups, culminating in the killing of the Hezbollah’s leader, but radio silence from Iran. Weak Chinese demand remains a prominent fixture, with three Sinochem bankruptcies so far, but physical markets suggest there’s still strong demand there, or perhaps just SPR buying. Flat price was choppy, with APPEC’s realisation of poor fundamentals being met by bouts of short covering as money managers panicked about their record short positions. On the 17th, Brent fell to $68.98/bbl, the lowest in since December 2021. Dubai has been the outperformer, averaging 23.5c over Brent through September. Physical premiums in Dubai have remained very strong all month, averaging $2.03/bbl.
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).
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