04 July 2025: 09:30 BST
9 July is the deadline, right? Oh, maybe it’s 1 August or 1 September instead… Trump is apparently planning to impose tariffs according to the new trade deals with those he whacked with his reciprocal tariffs. While the Americans are busy launching fireworks and Trump sharpens his pencil to sign the Big Beautiful Bill at 5pm, they don’t want to think about the looming tariff fight. But the market reaction was depressing on the Trump tariff news, as he crystallised the upcoming trade disruption he’s ready to unleash again, as oil just slid briefly below $68. The equity market struggled more, with S&P 500 futures dropping over 0.5% today, while gold rose as its safe haven status is reignited.
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.