11 July 2025: 16:30 BST
The bullish vibes had dissipated somewhat earlier this week but made a late comeback this afternoon. You could argue that the market is pricing an upcoming event. We keep digging. Flat price fancied another crack at $70, breaking through at 15:30 GMT. By the close, it had risen to $70.37/bbl, while the prompt spread reached $1.20. As we saw in this morning’s allocations, China can’t stop buying, the Saudi OSPs were bullish too! We can’t help but feel we are at a turning point.
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.
