Due to International Energy week events, the Dated Brent Update report will not be published in the week commencing 24 February 2025.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 volatile morning. Initial support was seen with prices rising from $76.84/bbl at 03:00 GMT to $77.49/bbl at 07:15 GMT. Prices then swiftly retraced to $76.82/bbl at 08:40 GMT,
The Brent futures flat price for the prompt contract has seen a relatively volatile afternoon, initially rising over $1/bbl from $77.65/bbl at 12:10 GMT, to highs of $78.67/bbl at 15:10 GMT, before retracing back lower, down to $77.20/bbl at 16:15
The Brent futures contract has been held steady above the $77/bbl mark today, trading at $77.07/bbl at 10:00 GMT (time of writing), on the back of market participants trying to price in the geopolitical risk premium.
European gasoline saw initial weakness which turned into strength on the back of trade houses buying aggressively with more than 470kbbls worth of positions in the Feb EBOB crack bought from Onyx on Jan 02, prompting prices to reach highs of $10.91/bbl on Jan 05. Prices have since come off amid less buy-side flows and trade houses flipping to the sell-side on Jan 08.
With 2023 behind us the oil markets are already looking ahead to uncharted territory, with Brent forecasts for Q1’24 ranging from $78.61/bbl to $94/bbl there promises to be a tumultuous few months ahead as traders come back from the holidays
The market price of Russian Urals has seen a significant weakness since the end of October, dropping $24/bbl since the end of Oct to lows of $61.68/bbl observed on Dec 12. The price drop returns Russian crude near the $60/bbl
The Brent futures contract has crossed below the $76/bbl mark, trading at $75.81/bbl at 17:00 GMT (time of writing). Mar WTI also slumped below $71/bbl and traded at $70.69/bbl at the same time.
Brent and WTI both saw their interest flipping from bullish to bearish in the week to Jan 02, reverting from the previously observed two-week trend. Brent notably saw bears coming back strongly and increasing their positions by over 30mbbls, representing
The Brent futures flat price for the prompt contract saw an initial sell off in the early hours, falling from highs of $78.82/bbl at 00:10 GMT to high $77/bbl-handles for the majority of the morning, before dipping to $77.54/bbl at
Both crude benchmarks are set to recover losses seen on Thursday 4th Jan when prices settled lower on the back of bearish EIA stats which saw gasoline stocks register their highest weekly build in 30 years while at the same
Feb Brent/Dubai rose to 97c/bbl on Dec 18, but by Christmas the now prompt month slipped down past 40c/bbl. The early window on Dec 22 saw the Brent/Dubai structure nearly collapse. The market was liquid and we saw a player
The Brent futures flat price for the prompt contract has seen a relatively rangebound morning. Nevertheless, it has seen some support, rising from lows of $78.05/bbl at 08:30 GMT to reach highs of $78.68/bbl come 09:55 GMT. The US Navy
The freshest trade ideas of 2024 – This week’s edition includes a review of our PnL from December 2023 alongside previous months’ PnL from 2023.
Last week we saw the naphtha EW roof, fuelled by the skyrocketing TC5 freight rate (which passes through the Bab al-Mandab strait, the bottleneck of the Red Sea). Turmoil in the Red Sea has allowed for the TC5 freight rate
The market seems to dismiss the importance Angola’s exit from OPEC as the country represented a small portion of the overall output, at about 1.1mbpd, compared to the 28mbpd produced by the group…
Nigeria’s Dangote refinery recently acquired 1mbbls of oil from the state-owned NNPC, its second crude oil cargo this month. What does this mean for movements in oil as we know them?
The Brent futures flat price for the prompt contract has remained relatively rangebound this morning, falling no lower than $79/bbl. It managed to surpass the $80/bbl mark at 09:00 GMT to reach $80.10/bbl, before it retraced back down to $79.94/bbl
The Brent futures flat price for the prompt contract has seen a major rally this afternoon, strengthening by almost $2/bbl from $77.62/bbl at 13:00 GMT to $79.52/bbl at 16:35 GMT. Brent approaches the $80/bbl mark once again as continuous attacks
As the Advent doors continue to be opened, players were out doing some intense Christmas shopping, with Dec 12 the clear day when Brent/Dubai boxes went on sale. Trade houses were seen buying across the curve, with Jan Brent/Dubai rallying
