23 July 2025: 16:30 BST
The flat price was boring with Sep Brent trying desperately to pierce the $68.00/bbl to just bounce up again and again. In contrast, the window got messy and the Dated differential climbed 14c/bbl, after a brief respite yesterday when it held steady. Bids and offers were thrown around the window like frozen buns in a real food fight – with Midland setting the curve throughout. Chevron was there bartering its wares, offering two Midland cargoes, while PetroIneos offered one of its own. Exxon and Totsa returned to bid. Then Gunvor burst in to bid for Ekofisk, Forties and Brent, while Equinor offered Oseberg. Mercuria and Phillips were bidding and offering Ekofisk, respectively. At least one bid or offer for all but one of the BFOETM grades! We only lacked a Troll to get the full set.
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.
