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Asia July Monthly Report

July was a weird month; initially we clung to a fragile MoU. It ended in hostile exchanges except this time the war zone has spread...
Published: July 31, 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe
and
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, The Officials
Jorge Montepeque
Edition: Asia EditionVolume: 3Issue: 145
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July was a weird month; initially we clung to a fragile MoU. It ended in hostile exchanges except this time the war zone has spread...

July was an odd month. We entered it clinging to the remnants of the MoU like a disintegrating lifeboat in briefly becalmed stormy waters, while the US and Iran eyed each other warily. The crude market began the month extremely weak, with flat price down in the low-$70s, at its weakest since the war started. The curve was also extremely flimsy, in contango at the front – the Sep/Oct Brent spread dropped as low as -50c in the first couple of days – but rallied in the latter half. The prompt spread even hit $7 on 24 July!

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The Officials publish 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 are 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.

Written by

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett

About Asia Edition

Benchmark reports published at the close of the trading day in Asia.

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