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Heads of Desk: Top of Mind – Episode 34

The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 10 February 2026
10 February 2026

Lowering Payroll Data Expectations, K-Shaped Economy, Oracle Rally

Payrolls seen weaker; Fed urges calm. Dollar softer. US jobs strain, trucking strong. UK retail bright spot. Nikkei up on stimulus.
10 February 2026

Latest reports

Are The Bulls Getting Nervous?

Physical buying lifted sentiment; freight tight keeps arb shut; paper rolls bid, but physical conviction questioned.
10 February 2026

Brent Bounces Back to $69.01/bbl

PCK Schwedt refinery calls for US sanctions waiver, BP seeks US license to develop gas field, US and Saudi firms to explore Syrian oil
4 page report
10 February 2026

Energy Positioning Report – 10 February 2025

Position score decreases across futures, with NYMEX WTI down by -10, and ICE Gasoil falling by -10. Strength in RBOB which increased by +7.
9 page report
10 February 2026

Liquidity Desert

Brent/Dubai trends lower as funds and majors sell, but the outright and boxes reverse higher this week amid low liquidity and profit taking.
10 February 2026