05 August 2025: 09:30 BST
The bears are back. There is a mounting bearish sentiment in the market. Whether OPEC unwind means more barrels or not the signals say this baby is going down. Chevron is back in Venezuela, new discoveries in Brazil, and Saudi look primed to release more. Combine this with the end of summer burn and the poor macro indicators and you have an undeniably bearish concoction. And today Dubai got absolutely crushed. The physical premium shed 43c to $2.56, the softest since June 27. Look at Brent/Dubai September swap, which closed at -71c and is currently trading at around -65c, just on Friday the contract was at -$1.09!
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.
