In this episode of The Officials, we welcome a new voice to the show—Spyridon Kokas, the latest addition to the Officials team. Together, Ed and Spyridon dive deep into the imminent release of the Saudi Official Selling Prices (OSPs), expected tomorrow, and examine what recent changes in the Dubai physical market structure might mean for the August figures. They explore: • The rise in Dubai physical premiums due to geopolitical tensions, especially the Israel-Iran conflict. • Why June trading is...
Jul 04, 2025•7 min
In this episode of the Flux News podcast, Group CEO Greg Newman is joined by Harry Campion-Evans from Onyx Markets and "Geek in the Seat" Harinder Sandhu to unpack the aftermath of the Israel-Iran conflict and its whiplash effect on global oil markets. With volatility collapsing, producer hedging accelerating, and refiners raking in profits, they look beneath the headlines to understand who actually came out on top - and why the bearish consensus might be getting ahead of itself. This week’s dis...
Jul 01, 2025•1 hr 10 min
In this episode of Macro Mondays, James Brodie, James Todd & Will Cunliffe unpack the most volatile macro crosscurrents in markets as U.S. equities push to fresh all-time highs and the dollar resumes its downtrend. Key highlights include: • U.S. consumer cracks widening • Housing on the brink • Fed doves emerge • Inflation expectations collapse • Employment weakness deepens • Equities defy fundamentals • Gold tests key support • Dollar dives • Hedge funds retreat: CTAs flip net short, and An...
Jun 30, 2025•36 min
This week on The Officials , Will and Ed unpack one of the most volatile weeks in recent oil market memory, as geopolitical theatre and contractual chaos collide. With crude prices swinging wildly and trust in Middle Eastern supply chains under fire, they dive into: The aggressive $10+ sell-off after Iran’s retaliatory strikes Why the market rallied first - then collapsed What the “Trump call” and “China put” mean for price floors How a 20% under-delivery from ADNOC has shaken physical markets W...
Jun 27, 2025•12 min
Trading Corner | Crude Oil Chaos, Brent Structure, and Summer Market Outlook Welcome back to Trading Corner ! In this episode, Manny and James dive into one of the most volatile two-week stretches in recent crude oil markets. From surprise short-covering rallies to aggressive sell-offs, they unpack the psychology and positioning behind the recent price swings — and what they reveal about market sentiment. Topics covered: The dramatic market reaction around Friday the 13th Crude oil structure ana...
Jun 26, 2025•18 min
In this episode, Group CEO Greg Newman is joined by Director of Benchmarking Jorge Montepeque and Research Associate Vincent Wu to unpack a volatile week in oil markets following missile exchanges between Israel and Iran - exacerbated by the U.S. stepping in. With a dramatic rally in options and front-end time spreads giving way to an even sharper collapse, the team dissects what actually drove the price action—and what happens next. This week’s discussion dives into: • Why options (not flat pri...
Jun 24, 2025•1 hr 12 min
Join James Brodie & Will Cunliffe for a brand new episode of Macro Mondays, as they unpack another volatile week in global markets. 👉 Contact us about learning & development: [email protected] 👉 Daily updates on Onyx Institute LinkedIn: https://www.linkedin.com/company/onyxinstitute/ 👉 Trade with Onyx Markets: onyxmarkets.co.uk 👉Follow Onyx Institute on LinkedIn: https://www.linkedin.com/company/onyxinstitute/ Key topics today: ✅ US strikes Iran’s nuclear facilities ✅ US d...
Jun 23, 2025•44 min
In this episode, Group CEO Greg Newman is joined by Harry Campion-Evans from Onyx Markets, "Geek in the Seat" Research Associate Martha Dowding, Director of Benchmarking Jorge Montepeque, and Research Associate Will Cunliffe from The Officials. With crude prices spiking and time spreads surging after geopolitical escalation between Israel and Iran, the team explores whether this marks a structural shift or a short-lived frenzy. Is the oil market bracing for sustained turmoil, or is the smart mon...
Jun 17, 2025•1 hr 16 min
In this explosive episode of Macro Mondays , James Brodie, James Todd & Will Cunliffe unpack the most volatile week in global markets this year. Key highlights include: Middle East tensions flare: The Israel-Iran conflict escalates, sending crude oil surging and gold prices spiking to the critical $3435 resistance level. U.S. inflation cools unexpectedly: CPI and PPI data come in well below consensus, while initial jobless claims rise, deepening recession fears. UK payroll shock: Employment ...
Jun 16, 2025•47 min
In this episode, Will and Ed from The Officials dive into the upcoming OPEC+ meeting and the latest quota and compliance dynamics shaping oil markets - just days ahead of Saudi Arabia’s anticipated OSP announcement. What’s Covered: Why OPEC’s production cuts remain central to price stability The increasing tension between quota compliance and fiscal needs for producers like Iraq and Kazakhstan Saudi Arabia’s strategic positioning and growing frustration with non-compliant members How market expe...
Jun 13, 2025•12 min
In this episode of Trading Corner , James and Manny unpack an unusually balanced crude market, where everything should be moving - but isn’t. With WTI defying fundamentals, Brent spreads losing steam, and products drifting post-rally, they dig into: Why front-end WTI time spreads are surging above $1 What Brent-Dubai convergence says about physical flows Why the data window and physical diffs are underwhelming despite peak margin season The resilience of fuel oil cracks and the tightness still p...
Jun 12, 2025•12 min
In this episode, Group CEO Greg Newman is joined by Harry Campion-Evans from Onyx Markets and Research Associate Mita Chaturvedi to decode the hidden signals driving oil markets higher as speculative capital surges back into crude - despite mixed macro sentiment and seasonal demand concerns. Is this a genuine breakout or another false dawn? This week’s discussion dives into: • Brent and WTI futures breaking out: bullish momentum or overextended rally? • Surge in refining utilisation and margin r...
Jun 10, 2025•1 hr 10 min
This episode of Macro Mondays aired live at 12:30pm BST on Monday, the 9th of June, 2025. 👉 Contact us about learning & development: [email protected] 👉 Daily updates on Onyx Institute LinkedIn: https://www.linkedin.com/company/onyxinstitute/ 👉 Trade with Onyx Markets: onyxmarkets.co.uk 👉Follow Onyx Institute on LinkedIn: https://www.linkedin.com/company/onyxinstitute/ Key topics today: ✅ US Employment & ISM data continues weakening ✅ Bond yields hover in 'danger zone' wit...
Jun 09, 2025•35 min
In this episode, Group CEO Greg Newman is joined by Research Associate Vincent Wu and Research Analyst Edward Hayden-Briffett to unpack the mounting pressure across the oil market as physical fundamentals clash with financial positioning. Refinery margins are cracking, Brent time spreads have surged then stalled, and OPEC’s headline theatre is wearing thin. Are we approaching a tipping point - or just another seesaw in the market? This episode also covers: The Brent market’s $60/bbl floor: real ...
Jun 03, 2025•1 hr 5 min
This episode of Macro Mondays aired live at 12:30pm BST on Monday, the 2nd of June, 2025. Research Analyst Will Cunliffe from Onyx Officials joins Direct Trader James Todd as James Brodie is teaching abroad. Join us LIVE every Monday at 12:30 PM UK time for Macro Mondays with James Brodie and James Todd, where we break down the biggest financial market moves and what’s coming next! 🔥 👉 Contact us about learning & development: [email protected] 👉 Daily updates on Onyx Institute ...
Jun 02, 2025•35 min
Welcome back to Trading Corner. This week, James and Manny dive headfirst into the wild ride that is the HSFO market and what it means for cracks, margins, and benchmark distortion. Three trades this week: James’ Trade Idea:Hold Long Dec '26 EBOB Crack — Deferred gasoline margins still underpriced with summer upside in sight. Manny’s Trade Ideas:Long June/July DFL Roll — Tight barrels and seasonal strength point to continued structure.Long Q3 DFL — Dubai benchmark pricing is misfiring, but physi...
May 29, 2025•17 min
Sleeping Volatility: Giant Waiting in the Wings? In this episode, Greg Newman, Harry Campion-Evans and Harinder Sandhu break down the most explosive move in the fuel oil complex in over a decade. Singapore 380 cracks have surged to triple the 5-year average, with speculative interest hitting record highs. Is this a sustainable bull run—or a dangerously crowded trade? The Flux News Show also covers: The Brent/Dubai spread tightening and its impact on global crude flows Saudi Arabia's upcoming OSP...
May 28, 2025•1 hr 4 min
This episode of Macro Mondays aired live at 12:30pm BST on Monday, the 27th of May, 2025. Join James Brodie and James Todd , LIVE 12:30 BST, as they break down the biggest financial market moves and what’s coming next! 👉 Contact us about learning & development: [email protected] 👉 Daily updates on Onyx Institute LinkedIn: https://www.linkedin.com/company/onyxinstitute/ 👉 Trade with Onyx Markets: onyxmarkets.co.uk 👉Follow Onyx Institute on LinkedIn: https://www.linkedin.com/com...
May 27, 2025•28 min
In this episode of The Officials Explain, Will and Ed break down the fascinating world of crude oil grades - and why the market can’t afford to ignore their differences. From the lightest Malaysian condensates to Venezuela’s goopy Merey 16, they explore how density, sulphur, and even metal content shape both value and logistics. They unpack: • The role of API gravity and sulphur content in defining crude grades • Why yield matters, and how refiners calculate value from gasoline to fuel oil • How...
May 23, 2025•14 min
The Domino Has Fallen. Refinery margins — the last bullish stronghold — are collapsing. This isn't just a signal; it's confirmation that the market is finally pricing in the oversupply reality that’s been building for months. Goldman Sachs. The IEA. Every serious analyst has seen this coming — and now it’s here. The second half of the year marks a new regime: the geopolitical premium is dead, supply routes are open, and the market is done licking its wounds from last year’s chaos. Volatility has...
May 20, 2025•1 hr 15 min
This episode of Macro Mondays aired live at 12:30pm BST on Monday, the 19th of May, 2025. Research Analyst Will Cunliffe from Onyx Officials joins Direct Trader James Todd as James Brodie is teaching in Singapore. Join us LIVE every Monday at 12:30 PM UK time for Macro Mondays with James Brodie and James Todd, where we break down the biggest financial market moves and what’s coming next! 🔥 👉 Contact us about learning & development: [email protected] 👉 Daily updates on Onyx Inst...
May 19, 2025•40 min
In this episode of The Officials Explain , Ed and Will dive into the sharp shift in the North Sea physical market and what it means for CFD structure. With dated Brent softening fast and CFD spreads flipping into contango, the team lays out why this matters far beyond just the North Sea. They unpack: The collapse in physical differentials—and what Trafigura’s exit reveals Why Midland and Forties flows are flooding the window The impact of Grangemouth's closure and rising deliverable barrels What...
May 16, 2025•12 min
Welcome back to Trading Corner, where the market’s on fire and the cracks are even hotter. This week, Manny and James dissect a juicy dislocation between crude spreads and product strength—and roll out three sharp trade ideas: Manny's Trade Ideas: June/July Dated Brent – seeing upside as product tightness bites Long Q3 Dated Dubai – early shift in Brent/Dubai positioning could extend James' Trade Idea: Holding Dec ‘26 EBOB Crack – deferred gasoline margins still look underpriced despite recent r...
May 15, 2025•19 min
In this episode of the Flux News podcast, Group CEO, Greg Newman, Harry Campion-Evans from Onyx Markets, and Geek in the Seat, Mita Chaturvedi, analyse the past week in the oil market. Greg, Harry, and Mita break down the shifting dynamics in crude markets following the latest OPEC output announcements and Saudi crude allocations. They examine how sentiment flipped from bearish to cautiously bullish, with a focus on the impact of geopolitical risks and physical oil fundamentals - including refin...
May 13, 2025•1 hr 19 min
This episode of Macro Mondays aired live at 12:30pm BST on Monday, the 12th of May, 2025. Join us LIVE every Monday at 12:30 PM UK time for Macro Mondays with James Brodie and James Todd, where we break down the biggest financial market moves and what’s coming next! 🔥 👉 Contact us about learning & development: [email protected] 👉 Daily updates on Onyx Institute LinkedIn: https://www.linkedin.com/company/onyxinstitute/ 👉 Trade with Onyx Markets: onyxmarkets.co.uk 👉Follow Onyx ...
May 12, 2025•31 min
In this episode of the Flux News podcast, Group CEO, Greg Newman, Harry Campion-Evans from Onyx Markets, and Geek in the Seat, Vincent Wu, analyse the past week in the oil market. Greg, Harry, and Vincent break down the latest developments from OPEC+, analyse the unexpected build in U.S. crude inventories, and explain how macroeconomic indicators like U.S. inflation and China’s economic stimulus are moving prices. They also cover refinery maintenance, seasonal demand in approach to summer drivin...
May 07, 2025•1 hr 19 min
Margins are soaring — but crude oil prices are drifting lower. In this episode of Trading Corner, Manny Newman, Partner and Head of Desk, and James Anderson, Senior Oil Derivatives Trader, return to unpack this unexpected divergence in the market. They dive into the strength in diesel and gasoline cracks, why crude demand remains muted despite strong refining economics, and how unconfirmed OPEC production rumors are influencing sentiment. The episode also explores positioning opportunities — inc...
May 01, 2025•22 min
In this episode of the Flux News podcast, Group CEO, Greg Newman, Harry Campion from Onyx Markets, and Geek in the Seat, Martha Dowding, analyse the past week in the oil market. Greg, Harry and Martha unpack the long-term implications of OPEC’s latest production cuts and the escalating tug-of-war between supply control and market stability. They discuss how OPEC's coordinated actions - particularly from key players like Saudi Arabia and Russia - are expected to fuel a 5-year surge in oil market ...
Apr 29, 2025•1 hr 23 min
👉 Register your interest in James Brodie's Onyx Institute trading course here: https://onyxcapitalgroup.com/trading-courses 👉 Contact us about learning & development: Email [email protected] 👉 Daily updates on Onyx Institute LinkedIn: https://www.linkedin.com/company/onyxinstitute/ 👉 Trade with Onyx Markets: onyxmarkets.co.uk This episode of Macro Mondays aired live at 12:30pm on Monday, the 28th of April, 2025. Join us LIVE every Monday at 12:30 PM UK time for Macro Mondays w...
Apr 28, 2025•43 min
Are Hedge Funds Missing the Oil Market Rally? | Flux News Oil Markets Deep Dive – April 2025 In this episode of Flux News , Group CEO, Greg Newman, Harry Campion and Geek in the Seat, Harinder Sandhu break down why the physical crude oil market is surging while hedge funds and CTAs remain under-positioned—and potentially on the wrong side of the trade. Our hosts unpack the implications of U.S.-Iran negotiations, China's quiet crude-buying spree, and refinery margins that continue to signal stren...
Apr 23, 2025•2 hr 5 min
