27 May 2025: 09:30 BST
Brent is still stuck in the mud near $65, eagerly awaiting news from the upcoming OPEC meeting and the dragging US-Iran talks. Before we get a bombshell from either side, however, the futures structure remains solid at the front, as the front spread holds firm at 61c, and the M2/M3 spread isn’t far off. Look further down the curve for the fun times, though, as the structure slips into contango from the November contract onwards.
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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