Click below to explore our new Refinery Margins Report, offering a clear, detailed analysis of weekly and monthly shifts in key regional refinery margins. This report enables readers to pinpoint where margins are tightening or loosening across regions, drawing on proprietary yields and our leading market share in swaps to build a world class financial refinery margin—essential for understanding the evolving landscape of regional refinery economics.

Click below to explore our ETFs report, providing a detailed analysis of price movements, trading volume, and counterparty shifts in ETF underlyings, along with open interest trends in the options market. Featured funds include USO, SCO, UCO, KOLD, BOIL, and UNG. For each ETF, we offer a comprehensive breakdown of price trends, volume, open interest, and key market participants.

In this publication, we leverage Onyx's proprietary Commitment of Traders data in order to identify changes in swap Open Interest and Positioning against Onyx with a view, in conjunction with long/short entry price levels and volatility analysis to identify potential continuation or reversal trends. In this edition, we take a look at the Q3'25 Sing 380 crack.

The Aug’25 Brent futures contract strengthened from $65.25/bbl around 13:00 BST this afternoon to $66.48/bbl at 14:40 BST, where it met resistance. Despite finding resistance at this level again at around 15:40 BST, the M1 futures contract ultimately climbed to $66.60/bbl at 17:40 BST (time of writing).

In this publication, we leverage Onyx's proprietary Commitment of Traders data in order to identify changes in swap Open Interest and Positioning against Onyx with a view, in conjunction with long/short entry price levels and volatility analysis to identify potential continuation or reversal trends. In this edition, we take a look at the Jul'25 Naphtha East/West.

May's end brought with it the usual harbingers of OPEC+ rumours. With the meeting now out of the way following a baseline hike of 411kb/d in June, the M1 Brent futures contract has stabilised around $65/bbl despite briefly selling off to a low of $64.45/bbl due to a larger-than-expected build in US distillate fuel and gasoline stocks in the week ending 30 May.

The Aug’25 Brent futures contract rallied to $65.84/bbl at 14:38 BST before softening to $65.45/bbl at 17:30 BST (time of writing). In the news, US President Donald Trump and China’s Xi Jinping agreed to resume trade talks amid renewed tensions over tariffs and rare earth mineral exports. Both leaders expressed willingness to visit each other’s countries, but broader issues like Taiwan, fentanyl, and economic models remain unresolved. The talks aim to avert further disruption to global supply chains. In other news, Vermilion Energy will sell its US assets for $87.8 million, completing its exit from the US market. The Canadian ...

See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as six contracts to watch. Click on the relevant button below to access your COT report.