10 October 2024: 09:30 BST
What’s gonna happen? Where are they going to bomb? When? Suddenly all the traders and analysts turned journalists, asking all the questions that start with a W. Biden, Kamala and Netanyahu had a chat about what, who, where, when and even how, while rain drenched Florida ahead of the landfall. Needless to say, the US administration’s heart and mind was not into anything Iranian and Israeli, while the political risk of being accused of caring more for non-citizens could weigh heavily in the upcoming elections results. The US ‘affirmed its ironclad commitment to Israel’s security,’ but there wasn’t much beyond words saying ‘the president emphasized the need for a diplomatic arrangement.’ In other words, ‘don’t do anything silly that threatens the election.’ Israel’s defence minister Gallant said the response ‘would be lethal, precise and surprising,’ but we think short-term escalation is very unlikely. Yet the market lapped the words and prices went above $77/bbl. But the underlying sentiment is not overly bullish and subject to another downward correction.
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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