30 July 2025: 09:30 BST
The market went manic! Strong buying strayed into this morning with Brent peaking at $73.18/bbl. What was driving it? Woah, anybody we spoke with provided a minor glimpse into the roaring market, but they were almost grasping for straws. Two recurring themes surfaced: India and Russia or both. Some pointed to the Nayara refinery and its software, shipping and financial sanctions troubles due to the European intrusion into India’s affairs. Even Microsoft got into the act cutting off services before getting spanked by the courts. Westerners thought sanctions would cut off oil into India, but our Indian sources were like: What? Who is saying that? A whiff of Western arrogance was evident, but the Indians were nonplussed.
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.
