20 August 2025: 16:30 BST
If you thought this morning’s rally was exciting, this afternoon was the real show! Brent initially started flirting with the $65 handle, but after 16:00 London time, it started trending higher, breaking the $67 ceiling after the European close, reaching its peak at $67.05/bbl – the highest value since August 12 – but since then it fell to the upper $66 level. But the big deal this week is WTI! We have been reporting that WTI has been on a constant decline relative to Brent over the past couple of days, but today, the October WTI/Brent spread hit the lowest since March 28, folks! WTI net-long positioning in Nymex has hit the lowest level in 16 years, while on Monday, managed money net position in ICE and CME combined fell to negative territories for the first time! Seems primed for a squeeze to us…
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.
