16 September 2024: 16:30 BST
The upper 60s came and went, with the initial negative narrative being overtaken by ‘it is not so bad and we are going to:’ 75, 77, 80 or even more. Take your pick. But the macros have not changed and, if anything, they are a wee bit worse and everything works at the margin. So be careful. In flat price the story has been pretty directionless to stronger. A random walk along the flat price chart saw a slow morning, before picking up steam into the early hours of US trading. According to traders, Exxon has been selling alongside Chevron, a Team America defector, and shortly before the window they may have got their way, with flat price and spreads both easing off. As flat price reached the day’s peak at $73.31/bbl, Brent front spreads peaked at 66c just after 15:00 BST, before shedding 8c to close the window at 58c. Further down the curve, little changed. But the short end remains strong. One trader said, “we are no way oversold or pricing below where we ought to be”, even despite the historic short positioning in managed money. But for every short, there is a long, so…
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.
