6 September 2024: 16:30 BST
Traders were hoping for a quiet day going into the weekend but instead they got a comatose or nearly dead oil
market. At 15:00 BST Nov Brent stood at a consolidated $73.40/bbl, slightly above its level at yesterday’s close.
Then, however, markets went into freefall. Within the hour, Brent had toppled down by almost $2/bbl, to around
$71.50/bbl. Disastrous Canadian PMIs? Americans selling off? Or just the dour macros weighing down
everyone’s souls? And then in come the Saudis, slashing their monthly OSPs across the board for October
against the preceding month’s differentials. All grades into the Med and Northwest Europe received 80c cuts. In
Asia, Arab Light and Medium took a 70c and 80c hits respectively, while Heavy was slapped with a full $1 cut.
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.
