6 November 2024: 16:30 GMT
Now we’ve had our fill of democracy, the hysterical clamours from all sides about the US election will hopefully subside soon, as the world assesses another 4 years of Trumpism. Team America seemed buoyed by the election news and sent flat price up on a $2.50 rally from lunchtime in the UK, undoing the Asian and European traders’ efforts to sink the price. Just short covering or soon-to-recede waves of optimism? A 2.1 mb build in crude stocks shown by the EIA was a stumbling block for the afternoon rally flat price had been enjoying, but it quickly overcame a small dip. The inventory stats are most interesting as a longer-term trend. Overall, since the week ending 27 September, despite a couple of minor draws, US crude stocks have risen a total of 14.615 mb. Cushing is up just over 3 mb in the same period. That’s not giving signs of a country thirsty for more oil! After a sizeable 2.71 mb draw in gasoline stocks last week, these rose alongside crude inventories, up 412 kb.
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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