
COT Report: Countdown to OPEC Clarity
See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as six contracts to watch. Click on the relevant button below to access your COT report.
Distillate fuels, including diesel and jet fuel, power transportation systems and industries worldwide, driving economic activity and global connectivity.
Find live prices on Flux Terminal. Trade distillates cost-free on Onyx Markets.
See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as six contracts to watch. Click on the relevant button below to access your COT report.
The Jul’25 Brent futures contract saw a volatile afternoon, trading between $63.91/bbl at 13:02 BST and $63.10/bbl at 17:38 BST (time of writing). In the news, Scotland’s only oil refinery at Grangemouth has permanently stopped processing crude oil after 100 years of operation, following a decision announced in 2024 by owner Petroineos. The site will now function as an import and distribution hub for fuels. The closure, attributed to competition from modern refineries in Asia and the Middle East, has led to 430 job losses, with around 70 staff remaining. India is significantly increasing its imports of US crude oil ahead of key negotiations over American tariffs. Around 11.2mb are expected to arrive in June driven by state refiners like Indian Oil and BPCL. The move is seen as a strategic effort to strengthen ties and potentially reduce US tariffs. Other Asian nations, including Thailand and South Korea, are also boosting US energy purchases to avoid tariffs. In other news, PetroChina reported a 2.3% rise in first-quarter profit to $6.4B, making it the only Chinese state oil giant to post higher earnings amid weaker oil prices. Its crude oil price fell 7.2% year-on-year, while domestic gas prices dipped 3.9%. However, stronger natural gas production and sales drove a 9.7% gain in gas division profits, offsetting declines in refining. Overall revenue fell 7.3% due to lower demand for refined products. Meanwhile, Sinopec and CNOOC both reported profit declines. Finally, the front month Jun/Jul and 6-mont Jun/Dec spreads are at $0.80/bbl and $1.41/bbl respectively.
The Jul’25 Brent futures contract initially rallied to $65.81/bbl at 14:30 BST before falling off to $64.37/bbl at 17:50 BST (time of writing). In the news, a massive power outage hit Spain and Portugal, disrupting flights, traffic, hospitals, and businesses. Power started returning in parts of Spain, but full restoration could take hours. Several Spanish oil refineries, including both operated by Moeve and Petronor’s Bilbao refinery shut down. Moeve, owned by Mubadala and Carlyle Group, confirmed its plants were halted, while Repsol, Spain’s largest refinery operator, has not yet replied to a Reuters request for comment. Greek shipowners are re-entering the Russian Urals oil market as falling prices push crude below the $60/bbl Western price cap, allowing them to legally provide transport and insurance, three sources told Reuters. Companies like Minerva Marine, Dynacom, and TMS Tankers resumed shipments in April after being absent last year. In other news, Exxon Mobil and Chevron are due to report their earnings this week, with investors focusing on how falling oil prices could impact dividends and share buybacks for the rest of 2025. Lower oil prices, have raised concerns that Big Oil could cut back on returning cash to shareholders. Exxon is seen as better positioned to maintain its payouts compared to Chevron, which might reduce buybacks if weak prices persist. Finally the front month Jun/Jul and 6-month Jun/Dec spreads are at $1.03/bbl and $2.05/bbl respectively.
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The Jun’25 Brent Futures saw prices slowly rally from $65.57/bbl at 12:30 BST up to $66.86/bbl at 18:32 BST (time of writing). In the news, US refiner Phillips 66 reported a larger-than-expected first-quarter loss due to lower refining margins and major turnaround activities at its plants. The refining unit posted a $937 million loss, compared to a $216 million profit a year earlier, with realized margins falling 38% to $6.81/bbl. Crude capacity utilization dropped to 80% from 92% last year. In other news, Iraq has sent a delegation to Syria to discuss reviving an oil pipeline that once carried crude to the Mediterranean, aiming to boost trade and regional cooperation. Talks also include border security and counterterrorism. The visit follows Syria’s post-Assad transition and recent oil shipments from Kurdish-controlled areas to the new central government, supported by eased EU sanctions. Activist investor Elliott Management, holding over 5% of BP’s shares, is pushing for strategic changes, including removing strategy chief Giulia Chierchia and splitting BP’s upstream and downstream units. The activist investor wants spending cuts and reduced low-carbon investments to boost free cash flow by 40% by 2027. BP has already begun shifting back to oil and gas under CEO Murray Auchincloss but faces pressure as oil prices fall. Finally, the front month Jun/Jul and the 6-month Jun/Dec spreads are at $0.83/bbl and $2.34/bbl respectively.
In this publication, we leverage Onyx’s proprietary Commitment of Traders data in order to identify changes in swap Open Interest and Positioning against Onyx with a view, in conjunction with long/short entry price levels and volatility analysis to identify potential continuation or reversal trends.
In this seventh edition, we take a look at the May’25 Sing 92 Crack swap.
The Jun’25 Brent Futures contract saw prices rangebound between $67.00/bbl and $66.50/bbl for most of the afternoon before falling off to $65.95 at 17:09 BST. Prices have since climbed back to $66.52/bbl at 17:43 BST (time of writing). In the news, Chevron plans to drill its first exploration well in Namibia’s Walvis Basin in 2026 or 2027, following its acquisition of an 80% stake and operatorship in Petroleum Exploration License 82 (PEL 82). The move aligns with Chevron’s broader strategy to expand its exploration portfolio in under-explored regions. PEL 82 lies north of Namibia’s Orange Basin, where Shell, TotalEnergies, and Galp have made major oil discoveries since 2022. In other news, Eni SpA reported Q1 2025 adjusted net profit of $1.6B, down 11% y/y but above expectations. Amid falling oil prices and macro uncertainty, the company will cut capital spending by up to $1.13B but will maintain its planned dividend hike and $1.7B share buyback. Shares rose nearly 2% in Milan on the news. To preserve payouts, Eni is deploying over $2.27B in cost-cutting and cash initiatives. Valero Energy posted a Q1 loss of $595 million, due to weaker refining margins and nearly $1B in impairment charges tied to West Coast assets. This compares to a $1.2B profit a year ago. CEO Lane Riggs cited heavy maintenance and weak renewable diesel margins as key challenges. Finally the front month Jun/Jul spread is at $0.89/bbl and the 6-month spread is at $2.43/bbl.
The price volatility noted in the front-month Brent futures contract has calmed this week, with prices moving sideways. We saw some weakness on 23 Apr following reports of several OPEC+ members suggesting a second consecutive accelerated oil output increase in June. However, prices only dipped from $68.65/bbl to $65/bbl on this news and have since risen to $66/bbl at the time of writing on 24 Apr. This consolidation in price action may indicate that the market may be opting to sit on the sidelines while ascertaining the developments in the oil industry and the larger macroeconomic backdrop. Uncertainty continues from burgeoning trade talks between the US and China, with Treasury Secretary Scott Bessent stressing that the trade standoff cannot be sustained. Until we await further clarity on this development, news on additional accelerated oil output rises would put further pressure on oil prices. Moreover, Kazakhstan, which produces about 2% of global oil output, has said it will prioritise national interests over OPEC+ when deciding production levels, which may possibly cause friction amid the OPEC+ members, adding to the uncertain environment. Some support for oil prices may emerge amid new US sanctions on an Iranian LPG magnate. However, the US and Iran are reportedly planning talks to negotiate a nuclear deal. Should the two parties successfully broker such a deal, it could tip oil prices right off the edge.
See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as six contracts to watch. Click on the relevant button below to access your COT report.
The front-month Brent futures contract saw a very volatile afternoon. Prices fell by $1.96/bbl down to $65.50/bbl at15:16 BST and jumped back up to $66.74/bbl at 17.30 BST (time of writing). The nearly $2.00/bbl drop comes as Kazakhstan stirs tensions within OPEC+ by declaring it will prioritize national interests over group quotas. Energy Minister Erlan Akkenzhenov said Kazakhstan can’t cut output at major projects run by foreign firms like Chevron and ExxonMobil, which make up 70% of the country’s production. This stance clashes with OPEC+ efforts to rein in overproduction, especially after the group admitted to a 457kb/d surplus. In a further statement, Kazakhstan then said to be committed to constructive work with OPEC+, causing a $0.83/bbl jump in flatprice. In other news, Sinopec has resumed buying Russian ESPO crude for May after halting purchases in March and April due to U.S. sanctions concerns. While major Chinese refiners had paused or cut Russian imports, independent refiners continued buying. As a result, China’s crude imports jumped to over 12 mb/d in March, the highest since August 2023, with increased flows from Russia and Iran. US crude inventories unexpectedly rose by 244 kb last week as imports surged, despite forecasts for a draw. Cushing stocks fell slightly, while net imports jumped by 1.14 mb/d. Gasoline and distillate stocks dropped sharply, by 4.5 mb and 2.4 mb respectively, well above expectations. Refinery runs and utilization also increased. Jet fuel demand hit its highest four-week average since December. 2019, signalling strong product demand despite trade tensions. Finally, the front month Jun/Jul spreads and the 6-month Jun/Dec spreads are at $0.96/bbl and $2.62/bbl respctively.
Jun’25 Brent futures softened in the early afternoon to sub-$66.70/bbl at 14:56 BST before it saw better strength. Although highs of over $68.00/bbl at 17:15 BST failed to be maintained, the contract corrected to $67.90/bbl at 17:22 BST (time of writing). President Trump posted on Truth Social that he and Prime Minister of Israel, Bibi Netanyahu, are ‘on the same side of every issue.’. This follows the US hitting Iranian LPG tycoon Seyed Asadoollah Emamjomeh and his business network with new sanctions today, accusing them of moving hundreds of millions of dollars in oil and gas abroad. The move comes as nuclear talks with Tehran continue. Halliburton CEO Jeff Miller expressed a bleak outlook for Mexico’s oil sector, citing ongoing challenges as Pemex, the country’s heavily indebted state oil company, struggles with nearly $100 billion in debt and slumping production. Despite new laws to stabilise output, analysts like Fitch remain sceptical, noting that current plans lack the strategic overhaul needed for a significant turnaround. BW Energy has confirmed a major oil discovery at the Bourdon prospect in the Dussafu License offshore Gabon, estimating 56 mb of oil in place, with about 25 mb recoverable. At the time of writing, the Jun/Jul’25 and Jun/Dec’25 Brent futures spreads stand at $0.96/bbl and $3.00/bbl, respectively.
The Jun’25 Brent crude futures climbed steadily on Thursday, from around $66.20/bbl at 08:00 BST to $66.90/bbl by 13:30 BST, surpassing highs reached earlier in the morning. Prices are trading at their highest levels in two weeks, and are on track for their first weekly rise in three. New sanctions on Iranian oil exports have increased supply concerns. In the news, Russian Arctic oil exports to China have surged this month, driven by ship-to-ship transfers off Southeast Asia that help sanctioned cargoes avoid scrutiny, as Chinese refiners continue to buy despite rising costs and logistical hurdles. Russia has warned that new Estonian legislation allowing naval force against foreign vessels threatens Baltic Sea security, following Estonia’s recent seizure of a Russian-sanctioned ship from the so-called shadow fleet. A German heating oil platform saw record-breaking orders on April 9 as consumers rushed to stock up when crude prices plunged to four-year lows, highlighting price-sensitive buying behaviour in Europe’s largest heating oil market. Saudi Arabia’s expansion of refinery-integrated petrochemical units, including a new Aramco-Sinopec project at the Yasref site, is expected to further reduce naphtha exports as more volumes are redirected to steam crackers and aromatics production, with limited immediate impact on gasoline output. Finally, the front (Jun/Jul) and 6-month (Jun/Dec) Brent futures spreads are at $0.92/bbl and $2.80/bbl respectively.
Appropriately for the season, this week has been one of renewed optimism. Headline fatigue feels pretty overwhelming, but margins are healthy, inflation in the States is down, and Cushing saw a weekly draw. So, whether it’s derisking, a weaker USD or genuine optimism, we have seen a w/w improvement in Brent this week. Easter bring a well-deserved break for the market after trading with constantly moving goalposts has become exhausting. US tariffs on some Chinese goods are up to 245%, which effectively acts as an embargo.
This afternoon the Jun’25 Brent Futures contract saw prices rally to $66.07/bbl at 15:44 BST before coming down to $65.57/bbl at 16:14 BST. Prices have since gained some support and are at $66.09/bbl 18:20 BST (time of writing). In the news, Turkey’s top oil refiner, Tupras, has resumed purchases of Russian Urals crude after a pause earlier this year due to US sanctions, sources told Reuters. The move comes as Urals crude prices dropped below the Western price cap to their lowest since 2023. Tupras was a major importer of Russian oil post-2022, with it making up 65% of Turkey’s oil imports through most of 2024. US crude inventories rose by 515 kb last week to 442.9 mb, despite a sharp increase in exports to 5.1 mb/d. Gasoline and distillate stocks both declined (distillates fell by 1.9 mb and gasoline by 2mb). Crude stocks at Cushing fell by 654 kb , and refinery activity dipped slightly. Crude futures rose about 1.5% following the report. In other news, the US has imposed new sanctions on Iran’s oil sector, targeting a Chinese teapot refinery and several companies and vessels involved in facilitating Iranian crude shipments. The move is part of President Trump’s renewed “maximum pressure” campaign while negotiations over its nuclear program continue. Despite sanctions, China remains Iran’s top oil buyer, using yuan and intermediaries to bypass US restrictions. Finally the front month Jun/Jul and 6-month Jun/Dec spreads are at $0.89/bbl and $2.60/bbl respectively.
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