Jun Brent futures flat price oscillated in and out of $90/bbl handles all afternoon, reaching a low of $89.40/bbl around 15:50 BST before correcting to $90.05/bbl at 17:10 BST but falling to $89.90/bbl handles come 17:20 BST (time of writing).
We have been holding firmly in the $90/bbl levels for Brent this week, with investors poised for the Middle East situation to possibly deteriorate, which could involve Iran, the third-largest oil producer in OPEC.
The prompt Brent Futures contract saw a stable start to the morning, rangebound between $90.40/bbl and $90.90/bbl before seeing a strong correction downwards from 09:30 BST to settle at $90.06/bbl at 10:20 BST.
In the week to April 9th, our tool forecasts long speculators added to their positions for the fourth consecutive week while at the same time, short money managers are forecast to have also added to their positions after three consecutive
June Brent futures flat price witnessed a choppy afternoon, rallying back into the $90/bbl region at 14:10 BST but failing to maintain this level and falling to $88.95/bbl come 16:10 BST.
The LST/FEI arb witnessed notable weakness in the first week of the fortnight. Prompt prices fell from -$160/mt on Mar 27 to lows of -$186/mt come Apr 02, before retracing to above the -$180/mt mark for the rest of the week.
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Prompt Brent futures flat price has witnessed a relatively weak afternoon period. Prices were initially stable around the $90.50/bbl mark, reaching highs of $90.71/bbl at 13:10 BST. However, since then prices slipped lower, reaching $89.56/bbl at 16:12 BST.
This past fortnight has seen a far weaker naphtha complex in both regions, yet, the East has performed slightly better in the past couple days.
The past fortnight forced the May Brent/Dubai out of its range, with price action plummeting from +15c/bbl on Mar 25 to a low of -40c/bbl on Apr 02.
The Brent Futures prompt contract has seen a volatile morning, opening around $90.60/bbl before oscillating from lows of $90.40/bbl up to highs of $90.93/bbl at 08:50 BST.
With another week comes a fresh slew of trade ideas by Onyx Research.
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The Jun Brent futures contract corrected to below $90/bbl over the afternoon, falling to $89.55/bbl around 17:00 BST where it found support and rallied to $89.90/bbl at 17:25 BST.
