In the week ending 6 May, managed-by-money players were risk-on in the benchmark crude futures contracts (Brent + WTI), adding a combined 6.9mb (+1.7%) to their cumulative Brent and WTI longs while adding a more substantial 28.8mb (+17%) to their
The Jul’25 Brent crude futures concluded bullishly last week, fuelled by positive developments in US trade talks and further sanctions on Iranian oil. As of Monday morning, prices have recouped previous losses and surpassed $65/bbl, a two-week high. This week,
The Jul’25 Brent futures contract saw prices fall from $64.14/bbl at 13:32 BST down to $63.19/bbl at 15:14 BST. Prices have since slowly rallied to $63.70/bbl at 17:45 BST (time of writing). In the news, Iran has agreed to resume
High Sulphur Fuel Oil contracts saw continued strength over the past two weeks. The Jun’25 3.5% barge crack saw a strong rally in April, peaking above -90c/bbl before consolidating around -$1.55/bbl by 09 May. Open interest is elevated, 7% above
The Jul’25 Brent futures opened just below $63/bbl overnight Friday before gradually rising to $63.25/bbl by 07:30 BST (time of writing). Markets have been fairly bullish this week from optimism for easing trade tensions between China and the US, as
The Jul’25 Brent futures contract saw prices continue rallying up to $62.90/bbl at 16:59 BST (time of writing). In the news, the US and UK have agreed on a deal to lower tariffs on some goods. Key points include: cars,
Prompt Brent futures dropped sub-$60/bbl this week after OPEC+ decided to increase oil production hikes for a second consecutive month, raising output in June by 411kb/d. There was no OPEC-mageddon, and the market absorbed the news pretty well, for the
The Jul’25 Brent futures contract fell off this morning to $61.17/bbl at 07:34 BST. Prices then rallied to $61.96/bbl at 11:32 BST (time of writing). In the news, Chinese President Xi Jinping arrived in Moscow for talks with President Vladimir
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
The Jul’25 Brent futures contract saw prices falling from $62.72/bbl at 12:56 BST down to $61.35/bbl at 17:30 BST (time of writing). In the news, US crude oil inventories fell by 2mb in the week ending May 2, according to
While most propane benchmarks strengthened into the end of April but softened into the new month, the June’25 C3 CP contract (Saudi Aramco propane) has shown more resilience. The Jun’25 tenor of the Middle Eastern propane benchmark climbed from $558/mt
The Jul’25 Brent futures contract saw prices rally to $63.18/bbl at 09:19 BST before falling off to $62.33/bbl at 11:45 BST (time of writing). In the news, India launched military strikes on Pakistan and Pakistani-administered Kashmir. The attack follows a
This week saw a significant reversal in Brent/Dubai, with the M1 contract sliding from 5 May’s high of $0.75/bbl to $0.12/bbl (at the time of writing on 6 May). This decline marked a shift from the rally building up ahead
The M1 Brent futures saw an exceptionally bearish week with prices selling off by $5, before finding support at $59/bbl and recovering to $62/bbl by 6 May (time of writing). On the upside, prices may see initial resistance at $64.50/bbl,
The Jul’25 Brent futures contract saw prices rally to $62.78/bbl at 17:17 BST before slightly coming off to $62.20/bbl at 18:20 BST (time of writing). In the news, Saudi Arabia is considering shifting towards a market share strategy in a
