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Overnight & Singapore Window: Brent Below $81/bbl

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The October Brent futures flat price saw a choppy but ultimately bearish Wednesday morning, rallying to highs of $81.41/bbl by 10:07 BST which was followed by a rapid descent below $81/bbl, trading at $80.76/bbl at 11:20 BST (time of writing). The 5.2mb crude draw, as reported by the API, has supported prices, but traders are awaiting confirmation from EIA stats. Markets are expecting a 0.2% m-o-m US core CPI reading today, which would support a Fed rate cut in September. Russia has extended a ban on gasoline exports until the end of 2024, with the government citing the need to maintain stability during a period of increased seasonal demand and scheduled refinery repairs. Petramina is expected to complete a revamp of its largest refinery at Balikpapan on Borneo in September next year to be able to produce cleaner fuels. Finally, the front (Oct/Nov) and 6-month (Oct/Apr) Brent futures spreads are at $0.76/bbl and $2.78/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.