Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
The North Sea Dated Brent physical differential was implied quite stably mid-month as it crept down below 80c/bbl. It then dropped more severely to 46c/bbl on 20 Mar as the front and back of the Forties curve were offered by
The weakness we have seen in the Brent/Dubai complex in recent months has continued, with the Apr’25 contract steadily declining from around -$0.90/bbl on March 11 to -$1.35/bbl by March 20. This downward trend accelerated sharply on the morning of
The May’25 Brent futures has recovered well from initial weakness this morning, trading down from $73.10/bbl at 0535 GMT down to $72.80/bbl at 0620 GMT, before strengthening to $73.30/bbl at 1040 GMT (time of writing). Crude oil prices remain supported
Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in distillates, naphtha, and NGL swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft
May’25 Brent futures initially dipped from $72.60/bbl at 1200 GMT down to $72.15/bbl shortly after 1300 GMT. Flat price then strengthened to this afternoon’s high of $73.15/bbl at 1610 GMT, moderating to $72.85/bbl by 1745 GMT (time of writing). In
In the week ending 18 Mar, combined open interest (OI) across both Brent and WTI futures increased more than 3x the previous week. Combined OI rose by 71.8mb (+1.66% w/w). This is the largest increase in OI for Brent +
The May’25 Brent crude futures opened on 24 March above $72/bbl, marking its highest level traded since the start of March. Prices were supported last week as the US sanctioned a Chinese teapot refiner for the first time as it
The naphtha market started off the fortnight strong, however, ultimately saw lacklustre performance. The Apr’25 NWE naphtha crack climbed from around -$2.70/bbl on 17 March to a fortnightly high of -$2.45/bbl by 19 March. However, this was short-lived as the
The May’25 Brent futures contract started the week strong, increasing from an overnight low of $71.80/bbl at 0330 GMT up to $72.60/bbl at 1040 GMT (time of writing). Crude oil prices have seen sustained bullish sentiment as the markets weigh
The May’25 Brent futures contract strengthened from this afternoon’s low of $72.60/bbl at 1340 GMT up to a touch under $73.20/bbl at 1745 GMT (time of writing). Fresh US sanctions on Iran continue to stoke bullish sentiment in crude oil
The front-month Brent futures contract recorded weakness this morning after strengthening on news of additional US sanctions on Iranian oil sales. Prices initially climbed to $72.30/bbl at 08:15 GMT, but continue to see resistance above $72/bbl and weakened to just
The May’25 Brent futures contract increased from an intraday low of $69.70/bbl on 13 Mar up to a weekly high of $72.00/bbl on 18 Mar. The May’25 contract then sold-off on 19 Mar to $70.00/bbl, which acted as a support
The front-month Brent futures contract dropped to $70.55/bbl at 13:35 GMT this afternoon but found support here and climbed to $72.10/bbl at 15:40 GMT. At the time of writing, 17:20 GMT, the M1 futures contract stands just shy of $72/bbl.
The May’25 Brent crude futures rose to $71.40/bbl on Thursday morning before dropping to $70.75/bbl by 10:30 GMT (time of writing). In the news, a North Dakota jury ordered Greenpeace to pay over $660 million to Energy Transfer Partners for
In addition to our regular Monday CFTC COT analysis report, Onyx Insight will publish its own in-house CFTC COT forecast ahead of the official Friday report. The model forecasts changes in long and short positions using machine learning, utilising Onyx’s
