19 December 2024: 09:30 GMT
Only one man has the power to send everything plummeting at the same time. Mr Power Powell. And only Total has the power to vacuum dry the Dubai market! The Power! Powell’s press conference had almost every asset class tripping and tumbling. Oil didn’t like it either and slid in the latter hours of American trading last night. A small jump in Brent flat price of around 20c on the rate cut announcement was overshadowed by Powell’s hawkish rhetoric and the subsequent slide down to around $73, 60c lower than before the announcement. Though the dollar’s now the highest in 2 years, so that’s surely a key driver in oil’s price slide. Asia was happy to catch its breath, reassess and consolidate, but Europe didn’t like the news when it woke up, so pushed it down even further and it fell all the way to $72.87/bbl by the close of the Asian session.
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).
For any comments, please reach out to us through the emails provided in the signed documents.
