Fuel Oil Report – Barges Drifting
June 14, 2024
Overall, European HSFO has been trading sideways in the past fortnight. The July 3.5% barge crack has had a fairly rangebound week, trading between -$8/mt and -$7/mt.
Reports
Daily Trade Idea: 14/06/2024
June 14, 2024
Short Jul 0.5 EW Nigeria’s newly built Dangote refinery are activating their production of low Sulphur fuel oil which get exported to Singapore. This could weakened the east by increasing an already oversupplied market. This is also supported by the
Overnight & Singapore Window: Brent Sitting Comfortably Above $82/bbl
June 14, 2024
The Aug Brent Futures flat price has had a rangebound morning period, trading between $82.25/bbl and $82.45/bbl since 04:00 BST, except for a brief fall to $82.20/bbl at 05:30 BST. Price action has settled around $82.35/bbl, where it sits as of 06:00 BST (time of writing).
European Window: Brent Rallies Then Falls to Low $82/bbl Handles
June 13, 2024
The Aug Brent futures flat price saw a back-and-forth afternoon following the relatively uneventful morning. We saw a strong start with a rally at 13:00 BST spanning two hours in which the price rallied from where it started the afternoon at $81.90/bbl up to an intraday high of $83.00/bbl. However, this was short-lived, as the price then took a tumble from this high to a low of $82.15/bbl.
TMNs: What’s the Score?
June 13, 2024
Unlike England’s chances of winning Euro 2024 following an abysmal 1-0 friendly defeat to Iceland, Brent Futures have surged this week, with the prompt contract rising significantly from $77/bbl to almost $83/bbl.
CFTC Predictor: Betting On Bull…?
June 13, 2024
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.
Overnight & Singapore Window: Brent Trading In $82/bbl Handles
June 13, 2024
The Aug Brent Future flat price has softened this morning following an initial period of strength. The price ticked up from $82.20/bbl handles to reach the morning’s high of $82.55/bbl at 09:15 BST, before weakening to below $82/bbl by 10:30 BST. It sits in $81.90/bbl handles as of 11:10 BST (time of writing).
Daily Trade Idea: 13/06/2024
June 13, 2024
Short Jul 0.5% Sing Crack According to market and ship tracking data, Singapore, Asia’s main oil hub, is set to receive this week the first cargo of low-sulfur straight-run fuel (LSSR) oil exported from Nigeria’s newly built Dangote refinery. There
European Window: Brent Rallies to Low $82/bbl Handles
June 12, 2024
The Aug Brent futures flat price saw a whirlwind of an afternoon. Initially, we saw a steady move upward in price action from $82.70/bbl at midday to an intraday high of $83.30 at 15:00 BST. Following this upwards price movement, we saw a dramatic tumble in price action with a notable -54c drop in a minute at 15:30 BST down to $82.67/bbl
Overnight & Singapore Window: Brent Rallies To High $82/bbl Handles
June 12, 2024
The Aug Brent Futures flat price has continued its rally this morning, initially rising from $82.30/bbl at 06:00 BST to $82.95/bbl by 10:30 BST. Subsequently, the price has slightly fallen, but still sits in mid-$82.70/bbl handles as of 11:15 BST (time of writing).
Daily Trade Idea: 12/06/2024
June 12, 2024
Long Jul NWE Naphtha Crack Naphtha cracks have held firm despite weaker gasoline and stronger flat price, so we think there is still an overhang of gas/nap length keeping naphtha supported, so we’d suggest following the recent trend higher For
European Window: Brent Rallies to Low $82/bbl Handles
June 11, 2024
The Aug Brent Futures flat price has seen a stronger afternoon following the muted activity this morning. Price action initially traded in a range between $81.40/bbl and $81.70/bbl from 12:00 BST to 15:00 BST.
The Officials: Volume 1, Issue 6 (Europe)
June 11, 2024
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
Dated Brent Report – Summer? I Hardly Know Her
June 11, 2024
Despite this bearishness, the July DFL found some respite and rallied to above 20c/bbl on Jun 11th after previously being burned down to -50c/bbl on June 4th.
Gasoline Report: Heavy on the Brakes
June 11, 2024
EBOB has continued to be pressured as weakness emanated from the US as RBBR fell to $18.50/bbl on June 11. The Jul/Aug spread fell to $3.50/mt on June 11 from $6.50/mt on June 4.