4 October 2024: 09:30 BST
Fear is gripping the market! Several more sharp spikes late yesterday and this morning sent Brent flat price beyond the $78/bbl ceiling, for the first time since 30 August, well above the low 70s we had become used to seeing throughout September. Dec $100 calls stood at 5c at the start of Sep and are now at 82c. Those who were in early will be rolling in it. Brent really outperformed Dubai again and the Brent/Dubai spread opened up further to 38c, a growth of 15c since yesterday. People are hands off on Dubai; according to our sources, physical tanker freight from the Arab Gulf into Asia fell $3.00 since news of the Iranian bombardment broke. We’re still waiting to see what happens next…
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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