25 August 2025: 09:30 BST
$70 is coming! Dubai’s already bang on there! And Murban is way past it, approaching $71.00/bbl already. What a strong market while everybody is talking bear. But not us, The Officials have been bullish against the talking trend. The market’s upward push is inexorable. There’s a whole confluence of factors: saturation of super short positioning (a target for a squeeze), continued bombing in Russia (forget peace, this isn’t happening any time soon), a broad based risk rally as it is better to be long than short. Traders are coming back from their summer holidays and will realise the war still looks ugly. Lots of them were positioned flat and had a ‘neutral’ outlook as market volatility waned, before the recent climb to the upper-60s. Just today, Ukraine claimed to have hit the Ust-Luga port, as it targets Russia’s export facilities – pressure on India? Trump tried to pin down India to have leverage for peace discussions with Russia.
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.
