03 January 2025: 16:30 GMT
Brent made a run for it! It broke through $77 briefly before 13:00 GMT and reinforced its position above the mark in mid-afternoon trading. A decline into the window saw it drop back into the $76 range, and it closed the European session at $76.63/bbl. Traders reported “quite a few buyers on Dated”, with limited sellside interest and that turned out to be the case in the physical window. One enthusiastic player on the sellside was Gunvor, who came out all guns blazing early in the window, offering Forties and Midland. BP joined in on the action too, offering a Forties of its own – this one was for 21-25 Jan. PetroIneos liked the look of that and lifted BP’s offer at Dated +$1.20 – pretty strong! China is back in the North Sea after a hiatus.
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.
