CFTC Report: Bulls Become Bears
April 29, 2024
For the week to Apr 23, we saw similar positions adopted by bullish money managers across the two benchmarks, whilst their bearish counterparts opposed one another.
Reports
Futures Report: Future rate cut? Actually, never mind…
April 29, 2024
Technical indicators show that the July Brent futures contract still trades in the neutral territory although with a low RSI reading and amid narrowing Bollinger bands, signalling limited volatility.
Brent Hits $88/bbl Mark
April 29, 2024
The July Brent futures flat price has seen a slight uptick this morning, with price action initially remaining flat around $87.50/bbl handles between 03:30 and 07:30 BST, before briefly weakening to as low as $87.33/bbl at 07:40 BST. Since then, there has been a minor rally to hit $88.00/bbl at 11:45 BST.
This Week’s Target Price: $85-87/bbl
April 29, 2024
Brent crude futures erased last Friday’s gains amid renewed Israel-Hamas peace talks which has moderated geopolitical tensions. The July contract was trading above $89/bbl handles on Friday before gapping below $88/bbl on Monday, trading at $87.50/bbl by 08:30 BST. Following
Brent Recovers To Mid-$89/bbl Handles
April 26, 2024
The June Brent futures flat price has witnessed a mixed afternoon, with price action initially strengthening to reach a peak of $89.82/bbl at 13:15 BST, before weakening to a low of $88.83/bbl at 15:50 BST.
LNG Report: Heatwaves Been Takin’ The Sellers Out
April 26, 2024
German gas consumption rebounded sharply in the week to Apr 21 due to colder weather, with stocks at 67.2% of capacity compared with 69.1% the previous week.
Brent Pushing Towards $90/bbl
April 26, 2024
The Brent futures flat price for the prompt contract has witnessed a mixed morning. Price action initially strengthened to reach a peak of $89.68/bbl at 08:15 BST, before retracing to below the $89/bbl mark, printing at $88.97/bbl at 10:05 BST.
Brent remains steady in the $87.80/bbl handles
April 25, 2024
June Brent futures flat price fell below $87.40/bbl at 15:50 BST before recovering to around $87.90/bbl at 17:00 BST (time of writing).
TMNs: Back to Basics
April 25, 2024
Brent skyrocketed from below $87/bbl at 01:25 BST on Apr 19 to flirting with $91/bbl just two hours later on the back of explosions heard from an Israeli strike on Iranian air space. However, resurrecting doubts regarding whether there is any actual wartime risk left to price, Iran’s downplaying of the incident spooked these bulls away, taking flat price back into its previous ranges.
Brent Supported Around $88/bbl Levels
April 25, 2024
The prompt Brent Futures contract saw a mixed morning, rising to a high of $88.48/bbl at 08:22 BST before seeing retracement and some consolidation around $88/bbl levels at 10:00 BST.
CFTC Predictor: The Bear-Necessities
April 25, 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.
Brent Flirts With $89/bbl Post EIA Crude Draw
April 24, 2024
The Jun Brent futures flat price saw rangebound price action until 15:38 BST, when prices rallied to $88.70/bbl only to drop below $87.80/bbl at 16:10 BST.
C(P) You At The Settle
April 24, 2024
The May LST/FEI Arb declined from approximately -$180/mt on Apr 10 to below -$198/mt on Apr 24, driven by weaknesses in LST and strengths in FEI.
Brent Stable Around $88/bbl Levels
April 24, 2024
The ICE Brent Futures contract has seen a slight correction down this morning, trading from $88.60/bbl handles around 08:00 BST to $88.10/bbl around 10:20 BST.
Brent Back To $88/bbl
April 23, 2024
A choppy Tuesday for crude flat price as Brent came off from highs of $88.21/bbl this morning, coming off to lows of $86.06/bbl at 13:50 BST before steadily rallying to $88/bbl levels by 17:00 BST.