In this episode of the Flux News podcast, Greg Newman, CEO of Onyx Capital Group, is joined by Harry Campion-Evans from Onyx Markets and guest analyst (Geek in the Seat) to dissect the unprecedented volatility shaking global markets. The team breaks down how the oil market is reacting to headline volatility around the US-China trade war, OPEC policy shifts and rising talks between the US and Iran. They also discuss support in the physical oil market despite the macro uncertainty and discuss recent shifts in refinery margins, Brent time differentials and the Brent/Dubai differential.

This episode is packed with actionable trade setups, including a breakdown of Q4 Brent/Dubai, naphtha crack trades, and insights into the high-sulfur fuel oil rally. They break down complex structures like Dated Brent and condensate-linked contracts in plain language, so even if you're new to energy markets, you'll walk away with real-world strategies to explore and a better understanding of what really drives price in this space.

Key topics include Brent spreads and the physical market's dislocation to global macro headlines, the Iranian nuclear deal, the rally in high-sulphur fuel oil, and a look into US and European gasoline contracts ahead of summertime demand.

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Please note, this episode was recorded at 8:30am BST on 15th April, 2025.

👉 Trade for free with Onyx Markets: https://onyxmarkets.co.uk/

👉 Get live, industry-grade data on Flux Terminal: https://www.onyxcapitalgroup.com/flux

👉 The Officials report: https://www.flux.live/the-official-reports/

👉 Oil swaps dictionary: https://www.onyxmarkets.co.uk/oil-sw

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