26 August 2025: 16:30 BST
Brent bedded in just below $68 after its morning selloff, before sliding further to $67.49/bbl by the close. The prompt spread was enjoying a good day – hitting 60c – until the afternoon, when it slipped slightly, reaching 56c at the close of European trading. And then flat price kept going down. What’s going on, normal market stuff or a leak regarding a deal between the Indians and the Americans? Closer to home, look at the North Sea window. Rarely have we seen such a ferociously offered window! They must have been making up for lost time with yesterday’s holiday. 8 offers in all, not answered with a single bid. Gunvor, Totsa, BP, Mercuria and Shell were all there offering Midland. Mercuria was the most aggressive, offering an 18-22 Sep cargo at Dated +$0.95, while Shell’s 15-19 Sep at $1.25 over Dated was the next best.
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.
