20 June 2025: 09:30 BST
Everyone has their limit, and it would seem we might have found Trump’s. Trump wants cheap oil prices; that’s priority number one. And it turns out war isn’t very good at facilitating cheap oil.
We saw a similar Trump reaction function in equities, and to a bigger extent, bonds. Trump’s economic agenda had pushed treasury yields higher and higher, and stocks lower and lower, and as much as he hoped for a saving grace in the form of a Fed cut, it’s not gonna happen. So, he had to moderate his sweeping tariff agenda, slowing the treasury fire sale
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.
