29 April 2025: 16:30 BST
It’s been a long, steady slide for flat price in the final week of April, from around $68.50 on 23 April towards the mid-$64 level today. Despite this $4/bbl decline in under a week, the front spread has remained solid throughout and even stretched to $1.14 yesterday before coming off to 95c by today’s European close. But there’s a divergence emerging between the physical market and futures. While futures retain strong backwardation in the prompt, the recent physical strength we’ve seen in the North Sea has dissipated: the physical diff has plunged to 15c, from $1.17 last Wednesday and the May DFL tumbled from above $1.10 yesterday to below 60c today.
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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