Due to International Energy week events, the Dated Brent Update report will not be published in the week commencing 24 February 2025.
The next report will be published on 4 March 2025.
The August Brent Futures contract saw a weak afternoon where prices initially saw strength rallying to an intraday high of $82.62/bbl as of 14:00 BST. Yet, after this initial strength, we saw a continuous tumble throughout the afternoon down to $81.00 as of 17:00 BST.
Muted flows were seen in Eastern HSFO with 380 cracks in a range whilst Europe found support amid the front spread exiting contango territory.
The Aug Brent Futures flat price has seen a slight uptick this morning following some choppiness. The contract rose from $81.70/bbl at 06:45 BST to a high of $82.20/bbl at 10:25 BST, before rapidly dropping to $81.60/bbl by 10:45 BST. Subsequently, it recovered most of these losses to sit at $82.05/bbl as of 11:10 BST.
Short Jul 0.5% Sing Crack We have seen an increase in fuel oil inventories in Singapore this week due to lower demand and good supply coming from the Middle East. Looking at the Onyx CoT the market position has been
The August Brent Futures contract saw a volatile afternoon, rising to a peak of $83.40/bbl at 12:30 BST before prices fell to $82.60/bbl at 14:15 BST and subsequently oscillated between $82.30/bbl and $83.20/bbl later into the afternoon, printing at $82.22/bbl at 17:30 BST.
This week will see OPEC+’s meeting on Sunday, June 02, which has already seen key market players make various notable moves. In anticipation of the meeting, the four-week average amount of crude exports coming From Russia With Love have declined for a third consecutive week.
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 proprietary data.
The Aug Brent Futures flat price has had a mixed morning, falling from $83.25/bbl at 07:20 BST down to $82.95/bbl by 09:10 before it rallied up to the morning’s high of $83.50/bbl at 09:50 BST. Following this it has softened back to $83.00/bbl handles.
Over the past 2 weeks we have seen downward pressure on the 0.5 E/W with news from the East that there was little demand after tenders issued by Al Zour refinery in Kuwait. However…
The Aug Brent Futures flat price has had a weak afternoon, falling steadily from $84.50/bbl at 12:00 BST to $83.80/bbl at 14:50 BST.
The Aug Brent futures flat price has had a reasonably quiet morning trading in a very tight range around $84.30/bbl. It has since seen a minor uptick to $84.65/bbl, where it is currently trading as of 11:00 BST.
Long 0.5% Sing Jun/Jul There has been tepid demand for LSFO at the moment and with Al Zour refinery issuing tenders at the beginning of May there has been a good supply. But we expect that to correct a little
It seems like the North Sea crude market has begun to gasp for air after drowning in a very weak May.
The Aug Brent flat price saw a positive afternoon starting from $83.00/bbl and rallying up to $84.80/bbl as at 16:40 BST.
The Jul EBOB crack started the fortnight strong but softened quickly and retraced below $18/bbl on May 22 where it found support albeit only shifting to trade around a range of $18-18.30/bbl.
With another week comes another selection of trade ideas from Onyx Research. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft methods on Onyx Commitment of Traders (COT) and Flux Financials data.
The Aug Brent futures flat price has had a fairly flat morning, trading in a narrow range between $82.75/bbl and $83.15/bbl.
Short Jun 0.5 Euro crack European 0.5 Barges has been very weak recently due to tepid demand alongside Europe ample stock piles. We have seen a slight pull back in Euro 0.5 Euro which is now entering the overbought zone
Technical indicators indicate an RSI that has lifted out of oversold territory for Brent, ICE gasoil and RBOB gasoline futures although other indicators flag short-term bearish momentum
For the week to May 21, we saw differing positions adopted by money managers and prod/merc players across the two benchmarks.
