14 April 2025: 09:30 BST
More forecasters are bringing down their price expectations. The latest was Golman Sachs who is seeing Brent averaging at $63/bbl over the rest of this year. The weight of the tariff dislocations will lower US’ GDP by 1.4% as seen by The Havard Business Review. This will naturally result in potentially less demand for oil while OPEC is boosting output. Team Trump appeared to want to soothe some worries and massage the market’s angst. But it has royally backfired as Lutnick’s comments on recategorization of tariffs by sector has poured gasoline onto the bonfire of confidence in American policy. First, Apple was surely kicking itself for chartering hundreds of tonnes of iPhones from India into the US to escape the tariffs before electronics were granted an exemption. Then, others were probably wishing they’d copied that move as Lutnick revealed a whole new way of categorising and segmenting tariffs into “buckets” that simply compounds the chaos of the original announcements. Talk of buckets makes us think of a child at the beach building a sandcastle to protect himself from the rising tide…
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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