29 October 2024: 16:30 BST
A double dump just after 15:00 BST sent Brent flat price well below $71. Or was it a double tap? On the back of the head of course. Netanyahu could hold talks with ministers about an orderly end to the war in Lebanon. We’d be delighted to see a diplomatic resolution but remain cautiously optimistic; we’ve seen many headlines speculating about peace talks in the past year. Strong resistance around $71 held firm despite the headline. But, should that break, we could see a rapid recalibration towards the 60s. There’s a trapdoor. It’s only a matter of time before there’s too much weight on it and we fall through. Brent closed at $71.02/bbl. The 60s are calling… The window saw BP offering Midland at $1.80 over Dated. Eni showed up too, offering Ekofisk at Dated +$1.75, and Mercuria came in to bid for Forties at Dated +$0.45. Totsa took a break from its incessant bidding in Dubai, to offer a Brent at $0.70 over Dated. Diffs are coming back up to around 33c. Brent futures front spreads are 45c, so things are finally starting to make sense again in the North Sea… for now.
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.
