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The Officials

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The Officials: Nothing left to give!

27 June 2025: 16:30 BST

Everyone just wanted a calm lead-up to the weekend after the carnage of the last week. Brent oscillated gently in a 50c range throughout the European session, reaching the close at $68.31/bbl. Expiry is looming on Monday and the prompt spread remains beefy at $1.11. The Aug WTI/Brent spread has closed in significantly in recent sessions, from around -$2.80 on Wednesday morning to -$2.38 by today’s close.
The headline that OPEC+ is considering another fake output hike in its early July meeting sent Brent down again, all the way to $67.45/bbl. Our question has to be: why does the market still care what OPEC decides? They’re doing whatever they like anyway! And have been for months! Furthermore, early analysis by The Officials suggests even Saudi Arabia is at or approaching its commercial maximum output. They’re all maxed out!

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.

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