12 December 2024: 16:30 GMT
The morning’s march towards the upper $73 range ran out of steam and quickly retraced much of the gain, falling back towards the mid-$73 range by mid-afternoon and then dumping firmly back into the $72 range! But then the headline that Israel was preparing to strike Iranian nuclear sites saw prices jump back up to near $73.80/bbl. According to one trader, “Wingy vol popped”. That’s trader speak for surging bets on volatility.
The holiday might be awkward in some households, none more so than in the uncomfortable marriage between Austria and then Russia. OMV and Gazprom have broken up. OMV terminated its natural gas supply contract due to “multiple fundamental breaches of contractual obligations by Gazprom Export”. The Austrian Chancellor accused Russia of attempting to blackmail Austria through its energy resources. In short, OMV was trying to claw back money and Russia stopped delivering gas. Yeah, contracted terminated 😊 never mind the people that need the gas
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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