19 May 2025: 09:30 BST
The two juggernauts of the global economy are hitting bumpy territory, as the US’ fiscal integrity and debt mountain weigh on Moody’s credit rating downgrade and China’s economic data fails to live up to expectations. The late-Friday rally that sent Brent briefly above $65.50 faltered as optimism waned this morning. Before it lost its mojo, the market was really in party mode on Friday evening! But this morning, the futures structure has cooled from that surge and the Brent front spread slipped from its 65c high to 60c at the Asian close. However, that famous lopsided smile structure in the curve is still there, and it’s even crept forward such that the structure slips into contango from the December 2025 contract, despite the prompt strength.
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).
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