26 September 2024: 16:30 BST
CFDs for this week have taken quite a hammering through since yesterday lunchtime. They have signalled a very belated
realignment of physicals and futures as values have been quite apart for months. In the North Sea, PetroIneos
continued its offering, after flipping sellside yesterday – see if you can spot where they jumped ship! Today PI was
flogging a Brent for Oct 20-22 at Dated +70c, chopped down from +$1 yesterday. And hmm… wasn’t it PI who picked up
that Midland from Trafi at +$2.75 on Monday? How odd. We really wonder what happened there. Salmon isn’t the only
fishy smelling thing coming out of the North Sea or the Gulf Coast with the Midland thing. Exxon also offered a mid-Oct
Forties at 70c over Dated. Markets consolidated after this morning’s dump, rebounding around in a range throughout the
day before closing at $72.23/bbl. You get the feeling that markets are clinging on and trying their best to climb back up,
but the slide downwards is inevitable. This is another rung down the ladder towards the 60s.
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.
