28 July 2025: 16:30 BST
In the game of chicken, the Europeans backed down first! Although the trade deal agreed with the US is just another example of European economic self-harm, there is one advantage – less uncertainty! What had smashed the market in April and sent economic analysts into a right tizzy was the uncertainty over what Trump would do next and how much damage he’d do. Now the Europeans know with certainty they have been had and some countries and corporates like it. Weird! The cocktail of trade optimism mixed with Trump’s venomous Russia jibes had the market on the up, even piercing $70, before sliding back to reach the close at $69.68/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). For any comments, please reach out to us through the emails provided in the signed documents.
