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Heads of Desk: Top of Mind – Episode 46

The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 5 May 2026
5 May 2026

RBA Raises Cash Rate, Rupee Hits Record Low, Euro Manufacturing PMIs

RBA hikes, hawkish on inflation; rupee hits record low on oil surge and outflows; Europe PMIs strong; UK sales boosted by policy effects
5 May 2026

Latest reports

Brent Declines to $110.09/bbl

Peace talks progress; Hormuz risks grow; Chevron warns of shortages; Russian refinery shut; ships pile up near Dubai
4 page report
5 May 2026

Playing the Quiet Game

Brent/Dubai rose on hedging flows, then retraced on low volume; Dubai lagged, spreads steadier, and weak liquidity softened physical premium
5 May 2026

No Rest for The Bears

Dated Brent weakens; front bearish, China selling, demand soft; June loses support; only later spreads see some buying
5 May 2026

Market Top

Brent bullish at $110, spreads steady, cracks consolidating, gasoline weak; momentum signals diverge, caution on reversals.
9 page report
5 May 2026