Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.

European Window: Brent Weakens Below $75/bbl

The Apr’25 Brent futures flat price came off below the $75/bbl level on Thursday afternoon, trading at $74.42/bbl at 17:30 GMT (time of writing). As the US unveiled fresh sanctions on Iran, the first move under the Trump administration, prices spiked from $74.35/bbl to highs of $75.38/bbl before quickly retreating to $74.62/bbl. In other news, UK Prime Minister Keir Starmer signaled that he will not block the Rosebank oil and gas project, despite a court ruling against it, reaffirming his stance that existing licences will not be revoked while maintaining that oil and gas will remain part of the UK’s energy mix for decades. Following fresh US sanctions imposed on 10 January, Russia’s flagship Urals crude oil has dropped below the $60/bbl price cap for the first time since December. A new poll shows 82% of Canadians support imposing export taxes on oil if Donald Trump implements tariffs on Canadian goods, despite opposition from Alberta and Saskatchewan leaders, highlighting growing public backing for using Canada’s oil exports as leverage in potential trade conflicts with the U.S. Oil and gas traders are likely to seek waivers from Beijing over China’s retaliatory tariffs against the U.S., where 4 tankers, carrying 6mb of WTI and ANS crude, and 2 LNG vessels are currently en route to China. Finally, the front (Apr/May) and 6-month (Apr/Oct) Brent futures spreads are at $0.47/bbl and $2.65/bbl respectively.

Subscribe to Onyx Insights to unlock this research

Insights is the proprietary research arm of Onyx: the #1 liquidity provider of oil swaps
OR

Share on

Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.