CFTC Report: Goodness Gracious, Great Bulls Of Fire
March 25, 2024
For the week to Mar 19, the crude futures witnessed an atmosphere of bullishness from money managers.
Reports
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Futures Report: Price Action Stagnation
March 25, 2024
Technical indicators for June revealed a week of consolidation and widening Bollinger bands. Brent’s RSI briefly entered overbought territory before coming off as prices corrected lower.
This Week’s Target Price: $86-87/bbl
March 25, 2024
Oil prices registered some strength overnight on the back of support generated in the early hours of Asian trading with the Jun Brent futures climbing to $85.40/bbl at 03:20 GMT. The futures eased to $85.35/bbl come 09:20 GMT, but remain
Brent Finding It Hard To Remain Above The $86/bbl Mark
March 25, 2024
The Brent futures flat price for the prompt contract has seen a relatively volatile morning. Price action initially held just below the $86/bbl mark, however, after reaching lows of $85.55/bbl at 08:45 GMT, prices found support to climb to $86.17/bbl
Brent Poised to Remain Unchanged on the week
March 22, 2024
The May Brent futures contract is poised to end the week largely unchanged amid prices having coming off from $86/bbl at 13:20 GMT to $85.30/bbl at 17:20 GMT (time of writing).
Fuel Oil: 380? More like 480
March 22, 2024
The HSFO complex saw huge swings in price action which ultimately culminated in a softening of the East/West on fears of poor Chinese demand at these higher flat price levels (around $480/mt in the prompt 380).
Brent Futures Finds Support at Low $85/bbl Handles
March 22, 2024
The May Brent futures contract opened in the low $85/bbl handles this morning before witnessing support take prices to $85.75/bbl at 10:20 GMT (time of writing).
Brent Softens To $85.45/bbl
March 21, 2024
The May Brent futures contract weakened further to the $85.20/bbl handles at 15:00 GMT where it found support and printed $85.45/bbl at 17:20 GMT (time of writing).
SPR-U-Kidding Me?
March 21, 2024
Oil finally soared over $150/bbl as the US raced to fill up the SPR to 2022 levels… and then I woke up. It was a crazy couple of hours as traders asked themselves “What the hell does Jennifer Granholm mean?”
Brent Pressured Into $85/bbl Handles
March 21, 2024
The May Brent futures contract has experienced a correction downwards this morning, opening around $86.50/bbl in the early hours of today before seeing selling pressure push the contract down to $85.75/bbl at the time of writing (10:00 GMT).
CFTC Predictor: Show me the money!!
March 21, 2024
ONYX CFTC PREDICTOR – 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.
Brent Declines To $85.80/bbl Despite Higher Than Expected Crude Draw
March 20, 2024
The May Brent futures contract continued spiraling downwards this afternoon with prices tumbling from $86.70/bbl around noon to $85.80/bbl at 17:15 GMT (time of writing).
Brent Dips from Multi-Month Highs
March 20, 2024
The May Brent futures contract opened around low $87/bbl levels this morning, and has corrected slightly lower since, settling around $86.72/bbl at the time of writing (10:10 GMT).
Dated Brent: You Can’t Handle The Bull
March 19, 2024
In January, we saw a very bullish market, with genuine supply tightness, and what we ended up with was a market that jumped the gun, and got too short too soon ahead of maintenance.
Brent At Highest Since October 2023
March 19, 2024
This afternoon witnessed another win for the crude bulls amid the May Brent futures contract rallying to $87.60/bbl at 17:25 GMT (time of writing). The contract hit its highest value since October 2023.
