12 June 2025: 16:30 BST
Everyone took a breath! Flat price cooled from its flirtation with $70, descending through the European morning towards $68.50 by lunchtime. Team America didn’t want to miss out on the bullish fun, though and the afternoon saw it back up above $69 and having another punt at $70! The structure had a relatively muted response to yesterday evening’s assault on the 70 handle but post-close it skyrocketed to near $1! The strongest we’ve seen since April, excluding expiry wackiness at the May roll. Having flirted with contango for a while, the Dec/Jan spread is now at a robust 20c!
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.
