With another week comes a fresh slew of trade ideas by 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 July Brent futures flat price has had a mixed afternoon, initially having a mini rally to $83.40/bbl by 13:40 BST before swiftly dipping to $83.15/bbl at 14:05 BST.
Technical indicators indicated sideways price action in Brent and gasoil futures as the RSI moved out of oversold territory, with the lower Bollinger band providing a level of support. On the other hand, RBOB futures continued its downwards slide with the RSI remaining in oversold territory, as bearish sentiment continued to permeate the complex.
For the week to May 07, we saw strongly opposing positions adopted by prod/merc players across the two benchmarks, whilst money managers took similar approaches.
July Brent futures witnessed a passive week, as price action remained tight between a range of $81.50-84.50/bbl. There was a slight rally to $84.53/bbl in the early stages of May 10, before prices got scared off the $85/bbl mark and
The July Brent futures flat price has been well-supported this morning, rising from its low of $82.40/bbl at 06:40 BST to a peak of $83.20/bbl at 10:20 BST.
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The July Brent futures flat price has had a limp afternoon, beginning at a high of $84.45/bbl at 12:00 BST, before a small retracement down to $84.05/bbl at 14:05 BST, at which point it immediately regained its losses, rising to $84.40/bbl by 14:35 BST.
The Panama Canal is in talks with US LNG producers to increase transit through the passage as water levels begin to recover.
The July Brent Futures flat price has generally been well supported this morning, rising to a high of $84.50/bbl at 08:00 BST. Following this, it briefly softened to $84/bbl by 09:45 BST, before it swiftly rebounded to $84.30/bbl handles, where it currently resides as of 11:10 BST (time of writing).
Jul Brent futures began the week supported to stable mid-$83/bbls amid the news of Saudi hiking OSPs for the third consecutive month, with Arab light for Jun delivery has increased by 90c/bbl to $2.90/bbl. The market returned from the thin
A steady but strong downward trend was felt in the market for much of this week as Buffalo Bear directed pessimism which was hard to counter with any real conviction
The July Brent Futures flat price has had a fairly rangebound afternoon. Having risen to a daily high of $84.35/bbl at 12:00 BST, it is has seen a steady decline to twice fall to $83.50/bbl at both 14:25 BST and 17:00 BST, interspersed with two mini-peaks of around $84.05/bbl.
The Brent Futures contract has seen a mixed morning, rising from high $83/bbl levels in the early morning to peak at $84.33 at 9:06 BST, before retracing and eventually settling around $84.18.
