25 October 2024: 16:30 BST
The US is looking ever more set for a return to Trump. Bookies are now giving the Donald a 65.6% chance of winning the election, less than two weeks before the polls. The polls still show the two on level pegging. Which do you trust more? Additional supply coming from OPEC in December might offer some help to struggling margins, as crude prices should fall and thus open up the margin. Additional voluntary cuts from Saudi Arabia, Iraq, Russia, the UAE and some other members took 2.2 mb/d off the market. If the Saudis are bringing back around 1 mb/d, as we’ve heard they are, that leaves 1.2 mb/d unaccounted for and we don’t imagine the Russians or Iraqis will want to miss out on that kind of market share and potential revenue. As our catchphrase goes: they need the money!
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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