03 March 2025: 16:30 GMT
The Ides of March! Markets collapse! Or to put it more bluntly, OPEC torpedoed the market. Brent closed at $72.56/bbl. But the real action happened after the European close as Brent collapsed by over 2% to $71.20/bbl by press time after an OPEC delegate said the group will go ahead with a 138 kb/d production increase from April! This is the first increase and a prelude of the return of 2.2 mil b/d over 18 months. An executive at a trading firm saying, “Time to test 70 again”.
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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