19 June 2025: 09:30 BST
ADNOC faced a horrible May. Prices collapsed so badly that Murban crashed again below the price of crude oil that was believed to be inferior, even by itself, such as Upper Zakum. Not only Murban underperformed on a relative basis, but the flat price also plunged in IFAD, the exchange generating the daily settlements the National Oil Company uses to set its official selling prices. In early June, after some hand wringing, the NOC set the price for its benchmark and flagship Murban crude oil at $63.62/bbl, down a whopping $4.11/bbl from the previous month when Murban was already looking infirm at $67.73/bbl.
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.
