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 Dips Below $85/bbl

1 min read
Power plant for Industrial Estate at twilight

The September Brent futures contract has experienced a downturn this afternoon following an initial period of sideways price action and a brief rally. The contract traded between $85.10/bbl and $85.55/bbl from 12:00 BST to 15:30 BST but then rose to $85.80/bbl at 16:10, however subsequently fell below $84.75/bbl, where it sits as of 17:15 BST (time of writing). The EIA has estimated global oil demand at 103.80mb/d, with global oil supply at 101.98mb/d in June. In doing so, they raised their 2024 demand estimate to 1.11mb/d from 1.08mb/d and raised their 2025 estimate to 1.77mb/d from 1.53mb/d. Russian oil major Rosneft’s flagship Vostok Oil project has been granted a tax break by Moscow as lawmakers moved to approve a new progressive income tax, higher corporate tax, increased taxation of small businesses, and other initiatives on Tuesday that should raise the state budget by as much as $30 billion in 2025. Nigeria’s NNPC seeks a new oil-backed loan to boost its finances as the country faces a foreign exchange crunch and a growing gasoline debt of $6 billion. At the time of writing, the front and 6-month spreads are $0.74/bbl and $3.42/bbl, respectively.

Subscribe to Edge to unlock this Research

Edge is the proprietary research arm of Onyx: the #1 liquidity provider of oil futures
OR

Share on

Traders also read...

Follow Us

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.