02 July 2025: 09:30 BST
Brent flipped bullish today, breaking out of its recent comfy range. This morning, Brent closed at $67.26 but after the close it leapt up, rallying about 80c on its way to $68. According to traders “the mood became increasingly bullish throughout the morning”, Dated was bid, with the prompt dfl implied up to $1.80/bbl. While the geopolitical fluff and war premium have been cast off, we are now back looking at supply and demand balances and complicated models – plus of course the usual speculation about OPEC shenanigans! But we recognize this is very hard because no one seems to have good fundamental data. In a recent interview we said, ‘throw it all in the bin,’ and start over. We are a little bullish, what can we say.
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.