24 July 2025: 16:30 BST
Oil markets got hit! This time by no other than Mr Trump who likes low oil prices as you know. Brent swooned after having traded above the $69.50 mark. But the concern about more oil hitting the market brought prices down to around $68.50/bbl again. We keep on seeing this number again and again. Trump remembered he was elected on the promise to bring down oil prices and reportedly resumed Chevron’s permission to pump Venezuelan crude. Traders were seen sending texts back and forth about what it meant. More supply! Flat price immediately responded, dropping from $69.10 to $68.70 within moments – and then further down. Maybe he’s realised US refiners need heavy crude. The bluster just keeps unravelling as noise, more TACO salad anyone? Time to invest in Bose as demand for noise-cancelling headphones surges?
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.
