1 November 2024: 16:30 GMT
Brent flat price saw a choppy day as the geopolitical risk premium was reignited. We oscillated between $75 and $74 for most of the day. But then the Americans came in and decided the price was too high so sold it down to $73.50. They clearly saw Iran’s promise to hit Israel at the “appropriate time and manner” as an admission an attack wasn’t imminent. After all, we eventually closed at $73.46/bbl. How low will we go once this geopolitical risk premium finally dissipates? The fundamentals don’t look good, whoever you talk to. The stage is set to send this sucker down.
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.
