10 July 2025: 09:30 BST
Chinese sources report that the Saudis are increasing allocations to the country by 3 mill barrels to 50 million in August. This would be normally bearish but the OPEC PR machine came with the nonsense that production quota increases would be paused from October. But since quotas are fakery to begin with, we advise the reader to focus on the actual production volumes. Flat price jumped on the reports but immediately fell back to its lowest point of the day, below $69.50.
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.
