21 July 2025: 09:30 BST
As noted earlier, The Officials sent a list of questions to Platts and we thank them for answering! We are still waiting for a reply from IFAD on similar issues.
Back to Platts, as you market practitioner know so well, Murban has been behaving erratically and has even plunged below the price of heavier Upper Zakum. Murban features in the delivery mechanism for Dubai partials and the price inversion, wherein Murban priced below heavier grades, has dragged down the assessed price of the main crude benchmark for the Middle East and Asia. As market sources replay the saga, many affected benchmark price users, including ADNOC, put pressure on various entities to address what they perceived as a pricing anomaly.
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.
