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Du-buy buy buy!

This market is on fire, products in particular are going bananas and so too are the east/west differentials, Japan has a serious currency is
Published: July 22, 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: 138
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This market is on fire, products in particular are going bananas and so too are the east/west differentials, Japan has a serious currency issue but sources tell us relief is on the horizon.

This market is red hot! Flat prices, structures, cracks and diffs are all going crazy. Brent is up to near $95 for the first time since 11 June, the prompt spread rallied to over $4.65 – the strongest since May! – and Dubai is going pedal to the metal! Folks we have lift off and we are going to $100! The Officials have heard that ADNOC has asked some of its buyers to delay loadings from July to August. As we all know the situation in the Middle East is chili hot, and traders say the Iranians have blown up oil shuttle tankers and other vessels that were sailing through the Iranian gauntlet are now scared. July loadings from the Middle East are now imperiled both from Hormuz and from Bad al-Mandab following the US’ daily bombing on Iran. Bullish!!!

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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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