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Heads of Desk: Top of Mind – Episode 36

The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 24 February 2026
24 February 2026

AI Triggers Selling, Software Risk, Private Equity Dry Spell

AI rout hits software, Mag7, semis; curves flatten, funds sell, jobs weaken, dollar eyed as fear spreads.
24 February 2026

Latest reports

Brent Falls Below $71/bbl

Brent dips as refinery maintenance, pipeline delays and rising exports reshape global crude flows.
4 page report
24 February 2026

Whiplash

Physical crude slumps on stop-outs; futures stay bullish, but spreads may correct as weak demand meets firm paper positioning.
24 February 2026

New (Lunar) Year, New Dubai

Although we see good buying in Q2'26 and Q3'26 Brent/Dubai, flows in the front remain choppy amid an increasingly indecisive market...
24 February 2026

Energy Positioning Report – 24 February 2026

Position score increases across futures, with NYMEX HO up by +31, and ICE Gasoil up by +20. Strength also in RBOB which increased by +19.
9 page report
24 February 2026