06 August 2025: 09:30 BST
Saudi OSPs are on the menu today -as confirmed by the Saudis- but it looks like the main course will arrive fashionably later than expected! ‘OSPs are slow,’ said a source. According to sources, Saudi Arabia was still calling people up this morning as they have extra crude to sell! So, dear reader, brace for lower OSPs than the $1.11 -what the monthly structure implies. Some sources are eyeing levels closer to 85c.
We said in the Euro 2.150 report that the KSA has room to crank the pumps, with a source saying, “We are looking at an additional 400 kbpd from Saudi in September.” Supply is increasing and yes, we expect the Saudis to underreport the production number. We, The Officials will remind you again, never trust government data!
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.
