Brent Holds Strong Above The $81/bbl Mark
February 27, 2024
After ending on a high note on Feb 26, the May Brent futures contract kept its upward momentum with prices hovering around the $81.50/bbl mark.
Reports
Dated Brent Update Report
Due to International Energy week events, the Dated Brent Update report will not be published in the week commencing 24 February 2025.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.
Brent Bracing for Bears?
February 26, 2024
In Brent, May prices strengthened slightly over the past week with the RSI also showing signs of upward momentum as it crossed overbought territory on Feb 22, at 79. The May RBOB contract traded within Bollinger band although the RSI crossed overbought territory, sitting at 71 on Feb 22. Gasoil on the other hand is well in neutral territory as prices initially came off to retrace higher towards the end of the week.
A bearish Brent and a bullish WTI? A look into this week’s CFTC report
February 26, 2024
While speculators in Brent were more bearish in the week to Feb 20 with a rise in shorts surpassing an increase in longs, WTI enjoyed a more bullish stance amid added length and liquidated short positions.
Very (S)Low Sulphur Fuel Oil
February 23, 2024
The HSFO complex has softened across the past fortnight, with weakness seemingly more concentrated in the East. On the other hand, the VLSFO complex saw relatively rangebound price action over the last two weeks, as price movements offered little conviction in regards to direction.
Weaker Morning As Brent Falls To $82.50/bbl Handles
February 23, 2024
The Brent futures flat price for the prompt contract has seen a relatively weak morning. Price action initially found stability above the $83/bbl-mark, before coming off from $83.32/bbl at 08:00 GMT to $82.55/bbl at 09:50 GMT.
Brent Strengthening To Almost $84/bbl Handles
February 22, 2024
Prompt Brent futures flat price has seen a mixed afternoon. Prices were initially pressured, falling $1/bbl in less than 4 hours to $82.41/bbl at 14:05 GMT. However, this level incited some buying interest, with prices retracing higher to $83.69/bbl at 16:05 GMT. At time of writing (16:45 GMT) the Apr Brent futures is priced at $83.55/bbl.
Trader Meeting Notes: “Refiners Gonna Refine”
February 22, 2024
The quest for direction in the oil markets has taken players to more niche markets with trading activity in refined fuels surging to the highest observed in multiple years.
Dated Brent Report: Cracking Good Time in Oil Markets
February 20, 2024
The North Sea crude market was a major winner since the Chinese New Year, riding a wave of robust strength with the front supported from continued tightness.
Gasoline Report: A Teeter-Tottering Ride
February 20, 2024
In the last two weeks, EBOB crack prices initially strengthened to highs of around $18.60/bbl on Feb 13, before retracing $16.55/bbl on Feb 16. During the last fortnight, there was growing sell-side interest, as refiners and trade houses were seen offloading over 540kbbls and 1.1mbbls on Feb 19, respectively.
Brent Pressured to $82.40/bbl Handles
February 20, 2024
Prompt Brent futures flat price has seen a mixed afternoon. Prices were initially supported up to $83.48/bbl at 14:30 GMT before selling interest pressured prices lower to $82.10/bbl at 16:20 GMT.
Trading Spaces – this week’s Onyx Alpha
February 20, 2024
Onyx Alpha will publish speculative and hedging trades every Tuesday based on technical analysis and data-driven tradecraft methods based on Onyx’s COT and Flux Financials data.
Brent trades around $83/bbl as Uncertainty Supports Crude
February 20, 2024
The Apr Brent futures contract continued to be supported overnight with prices holding above the $83/bbl mark initially before dipping below it and trading at $82.77/bbl at 10:00 GMT (time of writing). Apr WTI saw a similar softening as prices were at $77.62/bbl at 10:00 GMT.
Futures Report: Go Long Or Go Home
February 19, 2024
In Brent, Apr prices have continued to strengthen, hovering around the $82.50/bbl mark. Nonetheless, from a technical perspective, prices remain firmly within neutral territory on both a Bollinger band and RSI basis.
Hitting the bull’s eye: CFTC weekly analysis
February 19, 2024
Speculators for both Brent and WTI portrayed a more bullish outlook as managed by money positions witnessed an increase in longs coupled with a liquidation of shorts for both crude benchmarks
This Week’s Target Price: $85/bbl
February 19, 2024
Oil prices were seen hovering around the $82.75/bbl handles on Monday morning after last week witnessed the Brent futures for the Apr contract rise by over 1%, following a 6% gain in the previous week.
Brent crude trading below $83/bbl on Monday morning
February 19, 2024
Crude flat price has been trading a touch below $83/bbl levels on Monday morning, trading at $82.68/bbl at 10:30 GMT. Price action has been well supported amid persistent geopolitical tensions surrounding the Red Sea.
Brent Stays Above The $83/bbl Mark
February 16, 2024
The April Brent futures is trading at $83.21/bbl at the time of writing, 16:45 GMT. The contract traded down to a low of $81.97/bbl at noon and subsequently experienced a steady rise throughout the afternoon to settle around the $83/bbl mark.
Heating Demand Who?
February 16, 2024
This fortnight in LNG, we have seen a poor heating demand in Europe amid stocks still at 66% of full capacity compared to last fortnight’s levels of 70%, on Jan 31. Read more in our LNG Report.
Brent slides down to $82/bbl
February 16, 2024
The Apr Brent futures contract eased off from yesterday’s strength and stood at $82.00/bbl as of 10:30 GMT.
Case Study: Mar Naphtha E/W
February 16, 2024
Despite the geopolitical risk premia buoying up the naphtha E/W, we recommended shorting the Mar E/W in our Feb 13 naphtha report. Find out more about the logic behind this trade in our new case study.