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Heads of Desk: Top of Mind – Episode 44

The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 21 April 2026
21 April 2026

NASDAQ Closes at Highs (Again), US-Iran Agreement in 6 Months, Treasuries

Nasdaq streaks higher; geopolitics strain energy; jet fuel risk in Europe; bond warning; data signals rising stagflation pressure.
17 April 2026

Latest reports

Bulls exit Brent longs

We anticipate ICE COT data for the week ending 21 Apr to show managed-by-money players liquidating nearly 6.8mb from their long positions...
8 page report
23 April 2026

Stalemate

Dated Brent has weakened significantly w/w, with the physical differential dropping from around $18.60/bbl on 14 Apr to $7.295/bbl....
6 reports
22 April 2026

Brent surges past $101/bbl

The Jun'26 Brent futures contract kept attempting to climb the $100/bbl this afternoon, initially meeting resistance before finally....
4 page report
22 April 2026

Bull-Bear Switcheroo

Sentiment reverses in US and Asia propane; de-escalation and demand destruction weaken FEI; strong buying in LST/FEI arb
17 page report
22 April 2026