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The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 10 February 2026
Lowering Payroll Data Expectations, K-Shaped Economy, Oracle Rally
Payrolls seen weaker; Fed urges calm. Dollar softer. US jobs strain, trucking strong. UK retail bright spot. Nikkei up on stimulus.
Latest reports
Are The Bulls Getting Nervous?
Physical buying lifted sentiment; freight tight keeps arb shut; paper rolls bid, but physical conviction questioned.
Brent Bounces Back to $69.01/bbl
PCK Schwedt refinery calls for US sanctions waiver, BP seeks US license to develop gas field, US and Saudi firms to explore Syrian oil
4 page report
Energy Positioning Report – 10 February 2025
Position score decreases across futures, with NYMEX WTI down by -10, and ICE Gasoil falling by -10. Strength in RBOB which increased by +7.
9 page report
Liquidity Desert
Brent/Dubai trends lower as funds and majors sell, but the outright and boxes reverse higher this week amid low liquidity and profit taking.