31 January 2025: 08:30 GMT
We say this when it comes to every monthly review but: What a month! January kicked off 2025 with a flurry of action, from broadside sanction barrages, to a record-setting Dubai physical premium, to aggressively waving the tariff stick. It’s been one thing after the next, with trading scrambling to dissect cause and effect. We bid farewell to 2024 and President Biden’s parting gift of extensive sanctions sent buyers of Russian crude mad with panic! Chinese, and particularly Indian refiners charged onto the market, calling traders and grabbing whatever barrels they could. Nowhere has the price action been more intense than in Dubai. We starter the month with physical premiums around $1, but Biden’s final sanction binge leant a helping hand to Totsa’s spot market marathon.
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).
For any comments, please reach out to us through the emails provided in the signed documents.
