24 July 2025: 09:30 BST
Hello, boys! We have another squeeze or if you want we can use some fancy terms like buying spree, short covering, physical requirements, refinery orders or whatever but the point is, there is trouble with the benchmarks again!
This time, the benchmark exhibiting funny behaviour (if you are not a buyer) is Murban. Not again! Yes, Murban but this time the pop is to the upside. Murban is surging by whatever measure. If you see the flat price behaviour…Boom, up $1.51/bbl since Friday. If you measure the spread relative to Brent, boom again, up $2.17/bbl in the same time frame. And relative to spicy Dubai another boom up $1.12/bbl since Friday.
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.
