Due to International Energy week events, the Dated Brent Update report will not be published in the week commencing 24 February 2025.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 Brent futures flat price for the prompt contract has seen a relatively weaker morning. Price action was initially stable around the $89.60/bbl mark in the early hours of the morning, however, since then prices have sold off slightly to $89.17/bbl at 10:40 BST.
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 Jun Brent futures contract strengthened into the afternoon with prices rising to $89.95/bbl around 15:20 BST but subsequently easing off to $89.70/bbl at 17:05 BST (time of writing).
The June Brent futures contract has seen a strong morning, opening around $89/bbl levels before seeing a small correction down to $88.70/bbl at 08:45 BST before rebounding and rallying up to $89.30/bbl levels at 10:30 BST.
The Brent futures flat price for the Jun contract steadily slipped from above the $89/bbl mark in the morning to a low of $87.96/bbl at 15:35 BST, before recovering its losses and reaching $88.87/bbl at 16:35 BST.
Last week, physical differentials settled to lows of -44c/bbl, the lowest level since January 2023. But as the old adage goes, ‘this too shall pass’.
After coming off into the end of the month, the prompt EBOB crack has been fairly rangebound with trade houses the key counterparty on the buy-side though notably we saw refiners coming in on the sell-side on the first day of April…
With another week comes a fresh slew of trade ideas by Onyx Research.
After a rangebound week, with Jun Brent futures oscillating around the $85/bbl mark, Brent futures strengthened in the lead up to the Easter bank holiday weekend. Support continues to be found, surpassing the $89/bbl mark on Apr 02.
The June Brent futures contract has seen a strong rally this morning, opening around $88/bbl handles and rising quickly to settle around $89/bbl at 10:30 BST.
For the week to Mar 26, the crude futures continued to record relatively bullish sentiment but saw a higher level of risk adopted by bearish money managers.
In the week to Mar 26, speculative players adopted a more risk-on approach in WTI futures.
Technical indicators for June revealed a week of softening prices in a risk-off attitude across the product groups.
Credit Agricole announced its decision to abstain from providing financing to two significant LNG projects. This move reflects the bank’s dedication to refraining from supporting new fossil fuel developments…
The Jun Brent futures contract strengthened back into $86 territory this morning and stands at $86.40/bbl as of 13:05 GMT (time of writing).
Brent futures this week took us on a journey up and down, and currently stand slightly elevated to levels seen at the start of the week.
ONYX CFTC PREDICTOR – 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.
June Brent futures flat price rose gently overnight but failed to pass $86/bbl, leaving it trading around $85.75/bbl at 0640 GMT (time of writing).
The Brent futures flat price for the Jun contract initially dropped to $84.97/bbl briefly at 12:45 GMT before recovering its losses and reaching a high of $85.51/bbl at 15:15 GMT and then retraced to $85.12/bbl by 17:15 GMT.
The LST/FEI arb firmly rebounded over the fortnight and rallied almost $40/mt to -$160/mt handles come Mar 24. On the other hand, the May FEI/CP diff witnessed incredibly bearish tides with an overarching CP complex relative to FEI.
