06 March 2025: 08:30 GMT
Brent flat price still holding below $70, with some traders were hoping for China to come in and do the usual thing, i.e. buying low. But, in a short survey from The Officials, we could not identify anyone publicly bullish. Where have all the braves souls gone? OPEC overproduction bit them? And to add insult to injury, China’s refineries are about to go into maintenance…and while this was expected, the details have come out. Read below. Meanwhile, in Dubai, traders also noted tradehouse buying of spreads… Are some hoping for another installment of the Totsa show? And what is going on with the Saudi OSPs, everybody waiting for some relief. We think about 25 cts down, others are less hopeful.
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.
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