Data Vault Reports
Weekly Oil Inventories Report
This report reviews weekly oil inventory data from the US EIA’s Weekly Petroleum Status Report, Global Insights’ ARA Independent Storage and International Enterprise’s Singapore product storage
US EIA Weekly Report
This report reviews the key data from the US EIA’s Weekly Petroleum Status Report.
Onyx Positioning Report – 16 December 2025
This report aims to provide a position index for energy futures between -50 and 50, with 0 as the neutral position. The full methodology is at the back of the report. When the position index is at the extremes, above 40 or below -40, the market is overstretched relative to its average position in the previous 3-year rolling window. As such, it is ripe for mean reversion. Consequently, when the index is high, deleveraging will follow, having a negative impact on price, while when the index is low, we expect accumulation that will push the price higher.
Flux CFTC Style COT Reports – 15 December 2025
Looking at Flux Insight’s CTA positioning for the week ending 15 Dec, CTA net positioning saw a downtrend deeper into negative territory for both crude and the products. Overall net positioning fell from close to -86k lots on 08 Dec to -142.0k lots on 15 Dec. This shows a consistent downtrend for the combined contracts, with net positioning around flat in mid-November. CTA positioning in Brent and WTI is at its lowest level since late October. RBOB remains at the lowest net position, at -37.6k lots, but the drop across the barrel is clear, with a selling momentum evident from CTAs.
Refinery Margins Report
In the week ending 12 December, Refinery Margins fell across all regions: Asian M1 Margins down to $10.61/bbl (-$0.16/bbl w/w), European M1 Margins down to $7.66/bbl (-$1.04/bbl w/w), and US Margins down to $13.44/bbl (-$1.29/bbl w/w).
Asian margins were driven down by Sing Gasoil cracks, which fell by -$0.72/bbl w/w. The 380 Crack also fell on the week by -$0.33/bbl. Dubai Cracks however saw some strength with MOPJ Dubai Cracks rising by +$0.82/bbl, and 92 Dubai Cracks rose by +$1.21/bbl. w/w.
In Europe 3.5 Bgs crack were the biggest mover, falling by -$0.88/bbl w/w, while GO Cracks also weakened, falling by -$0.65/bbl.
Weekly Oil Inventories Report
This report reviews weekly oil inventory data from the US EIA’s Weekly Petroleum Status Report, Global Insights’ ARA Independent Storage and International Enterprise’s Singapore product storage
US EIA Weekly Report
This report reviews the key data from the US EIA’s Weekly Petroleum Status Report
Onyx Positioning Report – 09 December 2025
This report aims to provide a position index for energy futures between -50 and 50, with 0 as the neutral position. The full methodology is at the back of the report. When the position index is at the extremes, above 40 or below -40, the market is overstretched relative to its average position in the previous 3-year rolling window. As such, it is ripe for mean reversion. Consequently, when the index is high, deleveraging will follow, having a negative impact on price, while when the index is low, we expect accumulation that will push the price higher.
Flux CFTC Style COT Reports – 08 December 2025
Looking at Flux Insight’s CTA positioning for the week ending 08 Dec, CTA net positioning saw a contrast in performance between crude and the refined products. The former saw net gains over the week, rising towards a relatively neutral position from an index perspective. Meanwhile, Gasoil and Heating Oil extended their decline, though positioning is expected to bounce higher on 08 Dec. Finally, net positions in RBOB have bottomed out around -27k lots, where positioning is the most bearish out of the 5 contracts.
Weekly Oil Inventories Report
This report reviews weekly oil inventory data from the US EIA’s Weekly Petroleum Status Report, Global Insights’ ARA Independent Storage and International Enterprise’s Singapore product storage
Refinery Margins Report
In the week ending 05 December, Refinery Margins fell across all regions: Asian M1 Margins down to $10.77/bbl (-$0.71/bbl w/w), European M1 Margins down to $8.70/bbl (-$0.73/bbl w/w), and US Margins down to $14.73/bbl (-$0.46/bbl w/w).
Asian margins were driven down by Sing Gasoil cracks, which fell by -$0.89/bbl w/w. The 380 Crack also fell on the week by -$0.52/bbl. Dubai Cracks also saw weakness, with Gasoil Dubai Cracks falling by -$3.42/bbl.
In Europe Gasoil crack was also the biggest mover, falling by -$1.42/bbl w/w, while 3.5 Barges Cracks also weakened, falling by -$1.16/bbl.
US EIA Weekly Report
This report reviews the key data from the US EIA’s Weekly Petroleum Status Report
Onyx Positioning Report – 02 December 2025
This report aims to provide a position index for energy futures between -50 and 50, with 0 as the neutral position. The full methodology is at the back of the report. When the position index is at the extremes, above 40 or below -40, the market is overstretched relative to its average position in the previous 3-year rolling window. As such, it is ripe for mean reversion. Consequently, when the index is high, deleveraging will follow, having a negative impact on price, while when the index is low, we expect accumulation that will push the price higher.
Flux CFTC Style COT Reports – 01 December 2025
Looking at Flux Insight’s CTA positioning for the week ending 01 Dec, CTA net positioning across all listed futures dropped w/w, particularly in middle distillates, which decreased d/d this week. In Brent, however, CTA positioning reached a low of -30k lots on 26 Nov before rising to -27k lots by 01 Dec. RBOB followed a similar trend, seeing a muted d/d increase between 28 Nov-01 Dec, reaching -26k lots on 01 Dec.
Refinery Margins Report
In the week ending 21 November, Refinery Margins contracted across all regions: Asian M1 Margins down to $12.64/bbl (-$0.42/bbl w/w), European M1 Margins down to $10.53/bbl (-$1.83/bbl w/w), and US Margins down to $16.51/bbl (+$1.95/bbl w/w).
Asian margins were driven down by Sing 92 cracks, which fell by -$2.70/bbl w/w. The 380 Brent Crack and the Sing 0.5 Crack also fell on the week by -$1.09/bbl and -$1.53/bbl respectively. Dubai Cracks also contracted, 92 Dubai Crack, fell by -$2.543/bbl and 380 Dubai Cracks fell by -$1.37/bbl.
In Europe EBOB crack was the biggest mover, falling by -$2.61/bbl w/w, while 3.5 Barges Cracks also weakened, falling by -$2.04/bbl.