15 November 2024: 16:30 GMT
Markets are getting tired. The stock market is down and oil’s flirting down near the $71.00/bbl market. And the biggest shiny thing of all, lasting gold, is heading toward $2,500 an ounce. Where to find refuge? Well, where people are in conflict and sadly the Russians and Europeans are at it again with an Austrian court trying to punish Russia’s Gazprom. As Batman surely wants to tell Putin, Wham, Bam, Pow. But who is the poor victim? The European consumer, as Russia says, no gas for you! 😊 And prices rise over ten percent. Don’t go into a gun fight with a pocketknife, the baddies told me in Britain. This week’s been chaotic in flat price. Brent is keeping us alert with constant ducking and diving. Monday’s dump of over $2 put us deeply back into the low 70s and cast a shadow over the week. It still feels heavy. A plunge on Wednesday and a bumpy ride yesterday and today tell us the price yearns for a 60 handle. It’s a matter of time. Today’s final surge stalled at $72.30/bbl and Brent closed the European trading week at $72.14/bbl. A post-window dump had prices down to $71/bbl by 18:00 GMT.
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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