The M1 Brent futures contract has been under pressure since mid-January, from over $82.00/bbl on 16 Jan to open and close below $70.00/bbl on 06 Mar. This is the first time we have seen this since 01 Dec 2021. This
In the week ending 04 Mar, combined open interest (OI) across both Brent and WTI futures decreased for the first time in a month, declining by 17.7mb (-0.4%) w/w. We have continued to see traders deleveraging across the crude benchmarks,
Uncertainty is the Only Certainty The front-month Brent futures contract fell from an open of nearly $73/bbl last Monday to an intraday low of $68.30/bbl on Wednesday. While prices found support there, they oscillated between $68 and $72/bbl for the
The May’25 Brent crude futures bounced above $70/bbl on Monday morning, reaching a high of $70.67/bbl at 09:51 GMT, and trading at $70.40/bbl by 10:45 GMT (time of writing). As the market contends with bearish factors, including tariff uncertainty and
This afternoon, the May’25 Brent futures contract initially strengthened up from $70.30/bbl at 1230 GMT up to $71.40/bbl at 1530 GMT. However, these gains reversed, falling to $70.25/bbl at 1740 GMT (time of writing). Crude oil prices found support after
Brent crude futures are on track for another weekly loss. At the start of the week, we forecast the front-month Brent to be trading between $70-73.00/bbl, and Brent is supported above $70.50/bbl at the time of writing. Supply developments and
The Apr’25 TTF futures contract fell to its lowest level in five months this week, declining from €47.40/MWh on 21 Feb to an intraday low of just over €36.50/MWh on 7 Mar. The contract met support here and climbed to
The May’25 Brent futures contract climbed from $69.55/bbl at 06:55 GMT to $70.65/bbl at 10:55 GMT (time of writing). These gains may have come from players unwinding short risk ahead of the weekend due to rising uncertainty in the market
The May’25 Brent futures contract declined from $69.85/bbl at 1230 GMT down to $68.75/bbl at 1640 GMT, however, has found support up to $69.45/bbl at 1810 GMT (time of writing). This afternoon saw a spike in crude oil prices at
The M1 Brent futures contract has fallen more than $10 since mid-January and now sits at the lowest level seen since December 2021, trading at an intraday low of $68.50/bbl on 05 Mar. OPEC+ headlines on Monday (03 Mar) were
The May’25 Brent futures contract moved around $69.75/bbl overnight and softened slightly to $69.45/bbl at 10:47 GMT (time of writing). Asian stocks and currencies rose Thursday as China boosted fiscal stimulus and hopes grew for tariff rollbacks after the US
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 May’25 Brent futures contract has weakened this afternoon, trading from $70.20/bbl at 1200 GMT down to almost $68.35/bbl around 164 0 GMT, recovering to $69.10/bbl at 1740 GMT (time of writing). M1 Brent futures has now fallen to the
The May’25 Brent futures contract initially recovered from overnight lows of $70.60/bbl this morning, trading up to $71.10/bbl at 0730 GMT. However, prices have now reversed these gains, declining to $70.25bbl at 1050 GMT (time of writing). Bearish sentiment in
There is currently a divergence between sentiment in the physical and futures markets. The former has seen a strong performance with Totsa and Trafigura on the buy side of the physical. In contrast, Brent futures flat price and spreads were
