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Overnight & Singapore Window: Brent Sitting Comfortably Above $82/bbl

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The Aug Brent Futures flat price has had a rangebound morning period, trading between $82.25/bbl and $82.45/bbl since 04:00 BST, except for a brief fall to $82.20/bbl at 05:30 BST. Price action has settled around $82.35/bbl, where it sits as of 06:00 BST (time of writing). China’s oil refiners are slowing down after decades of growth, with processing lower or flat year-on-year for the first time since 2004 (excluding Covid-hit 2022) and refiners reporting having at least 1mb/d of spare processing capacity that they won’t use due to poor demand. BP’s 435kb/d Whiting refinery in Indiana plans a major turnaround in coming months. Tesla shareholders have backed a record-breaking pay packaged for CEO Elon Musk that could be worth up to $56 billion and approved a plan to move the firm’s legal headquarters to Texas. The G7 has agreed to use frozen Russian assets to raise a $50 billion loan to Ukraine and whilst not expected to arrive until the end of 2024, the money is seen as a longer-term solution to supporting Ukraine’s war effort and economy. Notably, the $325 billion worth of Russian assets frozen by the G7 and EU following the onset of the war in 2022 has been generating $3 billion annually. The front and 6-month spreads are $0.41/bbl and $2.63/bbl, respectively.

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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.