Our team of skilled analysts, by utilising the depth and breadth of Onyx's market knowledge, grants us an unparalleled perspective in the market, enabling us to identify and report emerging trends.

The Officials: Markets hold their breath

1 min read

5 November 2024: 09:30 GMT

Brent surpassed $75 yesterday and consolidated those gains today ahead of the US election. It finally closed at $75.26/bbl and rose further after the window. OPEC is surely punching the air. Its announced postponements and dillydallying to returning supply appear to be paying off. But they can’t stave off the inevitable forever. Despite those promises to delay unwinding of cuts, Iran is gearing up to bolster production. The Iranian Economic Council approved the financing of an “urgent” boost to crude output by 250 kb/d, though didn’t provide a timeframe for the increase. We guess Chinese teapots are thirsty for more cheap crude given struggling margins, as 2025’s import quotas just rose. And it’s good for Iran too; it gets to sell more oil!

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).
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Our team of skilled analysts, by utilising the depth and breadth of Onyx's market knowledge, grants us an unparalleled perspective in the market, enabling us to identify and report emerging trends.