23 October 2024: 16:30 BST
A steady morning selloff was reversed when the US came in and started buying at lunchtime, sending Brent back upwards. It peaked at $75.70/bbl but fell back down after the unexpectedly large 5.47 mb build in EIA inventories surprised markets and triggered a quick sell off. It finally closed at $74.92/bbl. The EIA’s weekly inventories data showed a far bigger build than their API counterpart last night. Gasoline stocks also grew, by 878 kb. But keep an eye on Cushing, which saw a draw in its stocks of 350 kb.
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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