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Heads of Desk: Top of Mind – Episode 49

The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 26 May 2026
26 May 2026

US Equity Risk Premium Drops, shorts build in S&P 500, US consumer confidence hits record lows

This is historically unusual and signals that equity valuations are extremely stretched relative to interest rates...
26 May 2026

Latest reports

Asian HSFO Does A 380°

Sing 380 sees a volatile performance as Jun'26 diverges from 2H26; VLSFO cracks resilient but momentum weakening
28 May 2026

Brent Falls to $94/bbl

Brent trades up to $96 before falling to $94 following fresh US strikes on Iran; NZ government allocates $150mn to expand fuel reserves
4 page report
28 May 2026

Bullish Exodus Across Oil Futures

Bulls expected to trim positions across Brent, ICE gasoil, and RBOB futures in week ending 26 May; Brent shorts to rise 8th week in a row
8 page report
28 May 2026

Aug Brent at $93

Iran-US draft MOU eyes 60-day talks; Russia nears fuel export ban after refinery strikes; Iraq oil output hit, slow recovery.
4 page report
27 May 2026