13 December 2024: 16:30 GMT
‘Higher, higher!’ Chanted the markets as Brent flat price touched $74.30/bbl this morning. But the market is indecisive and has a short attention span, so was quickly tumbling back to below $73.70 before rebuilding towards the mid-$74 range by 17:30 GMT. What we’ve learnt today is that the market is an unpredictable mistress, but flat price looks very happy in the lower half of the 70s for now. Volatility is up compared to recent record lows, so moves in either direction are likely to be aggressive and rapid. It may even mount an assault on the $75 handle within the next week, if Chinese buying keeps propping up demand sentiment or the troubled regions of the world boil over.
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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