11 September 2025: 09:30 BST
Wow! We are hearing from trading sources 51 million barrels of Saudi allocations to China for October loading folks! If the physical premium is down and the Saudi OSPs are down, allocations rise, who would have thought? Brent slid back from its highs of yesterday afternoon through the Asian session, grinding downwards towards the low-$67 range. Although flat price has recovered from its dip towards $65, against Dubai, it’s still getting hammered! The October Brent/Dubai spread has tumbled to near -$1.70 – it was only -58c on 4 September. The sweet vs sour game is still where the party’s at, even as the parties in Singapore wind down.
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.
