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Overnight & Singapore Window: Brent Rallies to $67.96/bbl

Brent Sep’25 futures rally to $67.96/bbl. API reports US crude stock increase. China ramps up Iranian oil imports. Libya launches energy tender.

The Sep’25 Brent futures contracts rallied all morning to  $67.96/bbl at 11:30 ST (time of writing). In the news, the American Petroleum Institute (API) reported a 680 kb increase in US crude oil inventories for the week ending June 27, reversing a streak of significant inventory draws in the past five weeks. Gasoline inventories grew by 1.92 mb, Distillate inventories fell by 3.46 mb, and Cushing inventories  dropped by 1.42 mb. The Department of Energy also reported a 300kb rise in the Strategic Petroleum Reserve (SPR). In other news, Chinese refiners are continuing to import high volumes of crude from Iran, with first-half imports estimated at nearly 1.4 mb/d, despite official customs data showing no imports from Iran since 2022. Ports near Qingdao, Dalian, and Zhoushan have been major points of entry, with Kpler tracking 15.5 mb of Iranian crude arriving last month alone. The discounted crude has provided Iran with nearly $1B in revenue. US President Trump recently suggested that China could continue importing Iranian oil. Chevron, TotalEnergies, and  Eni are among 37 companies competing in Libya’s first energy exploration tender since 2011. Libya has struggled with production due to over a decade of conflict and political instability. The country currently produces around 1.4mb/d, with a target of reaching 2 mb/d before 2030. The new tender covers 22 offshore and onshore blocks, with contracts expected to be signed by the end of 2025. Finally, the front-month Sep/Oct spread is at $0.98 /bbl and the 6-month Sep/Mar’26 spread is at $2.57/bbl.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.