20 January 2025: 16:30 GMT
Dear long trader, pay attention to what Trump is saying. He will declare an energy national emergency and ‘bring prices down.’ He will open vast tracts of land for oil and gas exploration and withdraw the country from the Paris accord. In a lastminute U-turn, Trump will reportedly not implement China-specific tariffs from day one of his presidency. And markets were relieved to say the least. The news sent Brent flat price tumbling almost $1.50/bbl, before finding support around the $79.50/bbl, but Brent closed at $79.77/bbl. The window was well offered, with Eni, Unipec, Gunvor and Shell all offering up CIF Midland cargoes, but no buyers were interested. Even Gunvors early Feb cargo offered at Dated +$1.50 wasn’t enough to tempt anyone.
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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