Onyx Research

Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.

European Window: Brent Softens to $68.45/bbl

Image of Westminster

The Aug’25 Brent futures contract rallied all afternoon to $69.01/bbl at 16:28 BST but have since softened to $68.45/bbl at 17:30 BST (time of writing). In the news, Sierra Leone will decide on launching its next offshore oil and gas licensing a senior official said on Jun 26. The six-week survey aims to de-risk exploration and attract interest for a possible licensing launch in October. Sierra Leone estimates it holds 30 B barrels of recoverable offshore resources. Director General Foday Mansaray noted that major firms like Shell, Petrobras, Hess, and Murphy Oil have recently purchased exploration data. In other news, Sudan and South Sudan have not reached a deal on revising the oil transit fees South Sudan pays to export its crude through Sudan’s pipeline network, Radio Tamazuj reported Thursday. South Sudan relies on a pipeline through Sudan to access Port Sudan on the Red Sea. Sudan is now seeking higher fees, citing logistical challenges at the Bashayer terminal. With continued uncertainty, South Sudan is exploring alternatives, including a potential pipeline to Djibouti via Ethiopia. Associated British Foods has warned it will shut the Vivergo bioethanol plant by September unless the government provides immediate support. The closure would be a blow to Prime Minister Keir Starmer, who hailed last month’s UK-US trade deal as a win for British industry. The deal eliminated the UK’s 19% tariff on US ethanol, allowing 1.4 B litres duty-free, equivalent to the entire UK market. British producers argue this, combined with existing regulatory imbalances, makes UK operations unviable. Finally, the front-month Aug/Sep and 6-month Aug/Feb’26 spreads are at $0.93/bbl and $3.23/bbl respectively.

Share on

Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.