15 January 2025: 08:30 GMT
Brent fought tooth and nail to hold onto the $80 handle for much of the Asian session and built up towards the mid-$80 level by the time European traders were rubbing the cobwebs from their sleepy eyes. There was a sense that the flat price had risen too much. Sources expected longs to pare back positions leading to a retracement but probably only towards $78. “It is good to be long ahead of Trump’s inauguration,” said a source. Another wondered if Biden would fire more sanctions but concluded there wasn’t time for more mess and mayhem before January 20th. Brent quickly fell from its $80.63/bbl peak at 07:45 GMT to below $80 before 09:00. But nothing sticks for long and flat price was soon jumping back above $80.
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.
