07 August 2025: 09:30 BST
India’s robust reply to Trump’s tariffs stunned quite a few traders. They say now that India had no other option. If this is the case, why did Trump push them to the brink? Tactically and strategically the US is losing friends faster than an oil trader without a job.🤣But enough of that, what did traders think of the jump in Saudi OSPs? High, they said, but the market demand is there. Traders expect China and India to continue to focus on Russian, Iranian and of course Other PG crude streams. Demand is good but the resumption of India’s buying for Russian crude altered the perception and reality of supply and the flat price is struggling. We have heard now of at least 6 Russian cargoes to discharge in India. Trump…take that! The Brent/Dubai swap went downhill this morning, it opened at -65c, and at Singapore close, it plunged to -$1!
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.
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