09 July 2025: 09:30 BST
Clinging on! Brent battled throughout the Asian session, just about holding onto the prized $70 handle. It fell back from its high above $70.66 during yesterday evening’s trading but traded in a tight range since this morning’s open. Once Europe woke up, though, Brent began working its way up again and reached the close at $70.53. The prompt spread appreciated the good vibes of yesterday afternoon and this morning too, climbing to $1.20. The more deferred structure also looks much more comfortable these days, with the Dec25/Dec26 spread now trading around 90c, with just a few cents of contango creeping into the spreads at the back. Many traders are perplexed about the strength in the market. ‘Why,’ asked one but we explained the mood had changed with the summer and post Iran’s retaliation. Another thing helping crude is the dollar weakness. If you shave off the drop in the dollar this year we are in the equivalent of low 60s in other currencies.
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.