21 July 2025: 16:30 BST
Brent battled along through the European morning, managing to regain the $69 level, but hoping for some impetus from Team America. But Team America only added its weight to the downward momentum, seeing Brent all the way down at $68.43, though a late rebound meant it closed at $68.95/bbl.
Midland was the hot commodity in the North Sea window today. Totsa was bidding for a 12-16 August cargo at Dated +$1.65, while Exxon bid a later 21-25 August cargo at $1.60 over Dated. PetroIneos offered 14-18 August at Dated +$1.95, but nobody wanted to take the leap and cross the spread. But Midland wasn’t the only grade on the menu today, as Unipec bid both a 5-18 August Forties at Dated +$0.75, while also bidding the same price for a 7-9 August Brent. Ekofisk was also up for grabs, as Phillips offered a 7-9 August cargo at Dated +$1.75 and Totsa bid 10-12 at $1.50 over Dated. Despite this plethora of offers, nobody came together to trade and the physical differential bounced to 77.5c.
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.
