30 October 2024: 09:30 BST
Well, we made it through October and we’re almost went back to where we started! The Brent flat price low was on Oct 1 at $70.34/bbl and we closed the Asian oil trading month at $71.95/bbl. What a rollercoaster it has been as our readers grappled with bad macros and two, actually three, recalcitrant nations bent on laying waste to defenceless civilians. Really, the battle of the grandpas. Age is no barrier, particularly when you are in command. We had missiles going there and coming back while producing nations surely thanked the old folks for the widening geopolitical oil premium. Just give it a rest, we say as we look forward to the US elections where almost surely we will have a change in the *** guard. I don’t want to repeat the same adjective, lest someone accuse me of ag*ism. But yeah, despite the boom boom the premium came off and we are again staring at the line where the 7 turns into a 6 and the recurrent budget cutbacks hit the oil industry. We are there anyway and as a prelude results released by the industry are bad, really bad. And even Saudi Arabia is putting out the cap hoping to borrow just a smidge to tide them over. It is that bad.
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.
