03 September 2025: 16:30 BST
This market is nervous! I think the combination of the big guys meeting in Tianjin and plotting their way to greatness, combined with Trump’s off-the-cuff, ephemeral policy statements and upcoming OPEC meeting, just makes for a twitchy market. Up and down like an untameable feral horse. But prices remain inside the $65-70/bbl confines. It was the front that took the biggest blow, as the prompt spread collapsed to 39c in the morning before partially recovering to 45c by the close. Bruised, November Brent reached the close at $67.48/bbl. And let’s not forget that the biggest industry meeting, APPEC is coming up in Singapore. We therefore expect some careful messaging to the crafted.
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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