31 January 2025: 16:30 GMT
We bid farewell to 2024 and President Biden’s parting gift of extensive sanctions sent buyers of Russian crude mad with panic! The shadow fleet will always find workarounds – it’ll just take some time. Shipping got some good news at least, as the Houthis pinky promised to halt indiscriminate attacks in the Red Sea. Hallelujah! Physical Brent couldn’t compete with Dubai and, while Dubai’s physical premium was surging to over $5, the physical diff for Brent barely managed to recover from negative at the start of the month to around 83c by its peak mid-month. The North Sea window started with some PetroIneos buying, followed by a period of quiet, before Mercuria picked up the slack in the final week.
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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