29 July 2025: 09:30 BST
The $70s are back! We made it! And Brent was fighting tooth and nail to keep hold of the handle, struggling through to the close, which it reached at $70.19/bbl before climbing towards $70.50. As we rumble towards expiry, the prompt spread continued to decline to 68c and the M2/M3 spread did too, reaching 62c at 16:30 Singapore time. Some folks are confused about the strength, but equally they didn’t see the purchasing by China to fill up reserves. The extra release by the Gulf area was over matched by the incremental Chinese. It will become evident whether China continues sucking extra barrels next month as the official pricing to be released around the fifth of the month super spikes. We think it will slow down but for now the market is very constructive.
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.
