3 October 2024: 16:30 BST
Skittish like a nervous horse. Markets are jumping and fretting at the slightest signal of supply disruption. And supply disruption could be gigantically bad if the never-matured teenagers prevail over the brains. The reports that Biden was having discussions with the Israelis regarding strikes against Iran’s oil facilities provoked a burst upwards in flat price. Within a minute, the price jumped from $75.98/bbl to $77.57/bbl! Remember the $100 call data we mentioned in this morning’s report? Well, open interest jumped again, while Brent flat price surpassed its 50-day moving average for the first time since July. Markets are incredibly jittery and sensitive to any headline coming out regarding the region. And $100 could be cheap if the Strait of Hormuz and the Strait of Lamentations (apt name ) become collateral damage in the fear boom boom. Please watch the latest ‘The Officials’ podcast where we go into the savoury details.
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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