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Onyx Capital Group Limited and its group companies (“we”, “us”, “our”, or collectively “Onyx Capital Group”) may use cookies, web beacons, tracking pixels, and other tracking technologies when you visit our websites, including www.onyxcapitalgroup.com and any other websites, sub‑domains, media forms, media channels, mobile websites, or mobile applications operated by an Onyx Capital Group company (collectively, the “Site”), to help customise the Site and improve your experience.
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If you have any questions or concerns about this policy, please contact our Data Protection Officer by emailing: compliance@onyxcapitalgroup.com.
The Jun'26 Brent futures contract dropped from circa $95.30/bbl at 12:20 BST to $92.94/bbl at 14:35 BST. Prices met support here and returned above $95/bbl, standing at $95.50/bbl at 17:45 BST (time of writing). US President Donald Trump has reportedly dismissed Energy Secretary Chris Wright's view that gasoline may only drop below $3/gallon in 2027...
Meanwhile, Kuwait has reportedly declared force majeure on shipments of crude oil and refined products, as per a Bloomberg report. The report also highlighted that Kuwait's oil output is now at levels last seen in the early 1990s, after the Iraqi invasion. Full production will take time to recover once hostilities ease, which may continue to impact exports. In other news, Austria has released the first batch of crude from its reserves under the IEA's plan. The Austrian share of the release totals 325,000 tonnes of crude oil. According to the nation's economy ministry, the partially state-owned OMV will purchase 56,000 tonnes. The ministry added that "these volumes will be made available at market prices so that additional volumes come on the market and help stabilise energy markets". Eni has made a major gas discovery in the Ganal block offshore Indonesia, with preliminary estimates indicating volumes of 5 trillion cubic feet of gas and 300mb of condensate. Finally, at the time of writing, the Jun/Jul'26 and Jun/Dec'26 Brent futures spreads stand at $4.85/bbl and $14.28/bbl, respectively.