18 July 2025: 16:30 BST
Dumper time! Just before the London close Brent plummeted more than $1, coincidentally as the UK joined in the party to spank yet more sanctions on Russia. Like the EU, the Brits lowered the price cap to $47.60/bbl – maybe they’re just desperate to get some deeply discounted crude to feed the beleaguered Lindsey refinery. The dump was coincidental in the timing as the oil market does not care what Europe has to say. The Russians and Chinese don’t care and they are the big ones that matter. But for good measure the Indians officially don’t care either! Hey, they have a lot of mouths to feed and they’re not listening nor following any unilateral sanctions, only UN ones. Just to be clear, the Chinese and Russians have a veto, so forget about UN sanctions. By the close, Brent had fallen back to $69.55/bbl. The prompt spread had been enjoying the gradual rise through the session, back above $1 – but also dumped in the window to 91c.
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.
