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: Brent plummets on peace

2 min read

25 November 2024: 16:30 GMT

$75 came and went. News that Netanyahu had agreed to a ceasefire with Hezbollah sent flat price tumbling towards the $73/bbl level after 13:30 GMT. Front-month Brent futures shed $1.53/bbl in the immediate aftermath. The erosion of Middle East geopolitical risk returns Brent flat price to the $73 handle, leaving the bearish fundamentals in control. And from the supply side, the outlook continues to look more bearish. Bessent’s nomination as Treasury Secretary means a lot of things, but crucially, it means more oil flowing out of the US. Get your raincoat, it’s going to rain, not water but oil. OPEC is breaking apart with more indications of the UAE at 3.85 mil b/d production. Who are they kidding with their pretend numbers? In fact, the new money bags man is looking to boost the US’s crude output by 3 mil b/d. If he sets the right conditions, yes, but don’t forget it is a free market there. Then we also got news today that Iran would not adhere to production quotas and would continue to chase its 4 mil b/d goal.

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.
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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.