14 October 2025: 09:30 BST
Following the IEA’s bearish report the oil market moved down aggressively. Flat price collapsed with Brent trading below $62/bbl. The front spread has sold off too, down to 32c but has since managed to catch a bid. But where’s the crude going? According to the IEA, inventories are growing at a rate of 1.9 mil b/d, that is huge and outstrips any Chinese SPR buying we’ve seen this year. Yet the curves are backwardated. Something is not adding up and nobody knows what the production is. There is cheating by everyone, including the barrel counters. We’re even told ship counters, which are supposed to be independent, undermark the amounts in the VLCCs at the behest of aggressive producers. Guess who that is.
The Officials publish 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 are 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.
