Corrective support came to the HSFO complex after a spell of weakness in the fortnight, which was similarly seen in the VLSFO market as Al-Zour came back online.
The crude futures have been choppy all week and by Friday morning we saw levels largely trading around the $76-77/bbl handles. Brent prices sank to their lowest since June on Tuesday after being sold off to $73.24/bbl. With the US
As the Yuletide season approaches, it appears that Frosty the Snowman might be opting for remote work engagements, given the latest weather runs in Europe to be at or just above seasonal normal temperatures until early January. Notably, temperatures across
This trade was suggested as part of our Onyx Alpha report on Dec 12. The reasoning for this trade stemmed from sell-side hedging flows being taken out, which was particularly important for when the price approached $14/mt-handles as this is
Prices have strengthened amid a weaker dollar as the Fed announced potential rate cuts in 2024, the former dropping to four-month lows against the Japanese Yen today due to the announcement.
The Brent futures flat price for the prompt contract has seen a stronger morning, rising from $74.50/bbl-handles, which were seen for the majority of the early hours, to $75.37/bbl at 09:30 GMT. The Fed held interest rates for a third
The Onyx CFTC predictor sees a trend reversal in Managed Money positioning in Brent futures for the week to Dec 12.
Gasoline stocks in the US saw inventories increase by 410kbbls in the week to Dec 8th, larger than expectations of 3.4mbbl build, with stocks now sitting at 224mbbls. RBBRs rallied on the release of the stats trading in the $11/bbl
The Brent futures flat price for the prompt contract has seen a stronger afternoon, rising almost $1/bbl from $73.46/bbl at 12:00 GMT to highs of $74.33/bbl at 16:45 GMT. The EIA announced a second consecutive crude inventory draw, with stocks
While the strength in regrade emerged from robust fundamentals but kero spreads weakened into December as refiners flocked to kero over gasoil.
The Brent prompt contract has continued to retrace lower and was trading at a low of $72.37/bbl at 8:50 GMT. At 10:00 GMT (time of writing), it is trading at $73.04/bbl. The API announced an oil draw of 2.3mbbls. Across
Brent crude is now at its lowest since June 2023 as the fundamental picture continues to discourage market participants.
It’s Waterloo V2 as a French and British Major oppose each other for control of Dated. The physical is being supported by a French major, bidding the diff up to 24c, and with North Sea a more achievable target than
Brent futures saw a slight dip this morning, with the market opening at $76.61/bbl at 06:00 GMT and dropping to lows of $76.05/bbl at 08:30 GMT, prices then rose steadily to $76.32/bbl levels at 10:00 GMT. Today in the news,
With a fresh week, Onyx Alpha brings you a slew of fresh trade ideas. Our team of analysts brings you hedging and speculative trades every week based on technical analyses and data-driven tradecraft methods on Onyx’s Commitment of Traders (COT)
