10 September 2024: 09:30 BST
Other than the odd pocket of price support, including a soon to be cat 2 hurricane off the gulf coast, it’s harder and harder to find reasons to be bullish. Despite the large, gherkin-esque footprint, a cat 2 isn’t likely to cause serious or mid/long-term infrastructural damage. And would you look at that, researchers are coming out of the woodwork finally saying that Chinese oil product demand peaked in 2023 or maybe in 2024. They are pussyfooting, beating around the bush instead of coming out directly, fearlessly and saying what maybe their big paying clients don’t want to hear: that gasoline among others is done. No more growth in China.
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).
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