14 August 2025: 16:30 BST
Glencore won a tender to deliver US crude to BPCL, while Nayara has managed to keep buying Russian crude, sources told The Officials. Widening discounts on Russian oil must be tempting to Indian refiners, even if they can see the looming American bat swinging over their heads.
Compliant supplier! Up to March this year, Glencore was a company subject to monitorship by the US department of Justice. Sources earlier reported that the DOJ had in situ monitors who could step into any meeting or overhear any conversation to ensure the company stayed within the lines following the accusation of foreign bribery and market manipulation. However, dear President Trump terminated the enforcement of the Foreign Corrupt Practices Act on February 10 with an executive order mandating a 180-day suspension. Dear reader, in case you forgot, all is cool outside of the country and we provide the link to the executive order here.
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.
