In the week ending 4 Nov, the M1 Brent futures contract traded relatively rangebound between lows of $64.05/bbl (29 Oct) and highs of $65.30/bbl (4 Nov). Over the weekend, OPEC+ announced a modest output increase of 137kb, along with a pause in output increases for Q1’26, contributing to directionless prices this week. The LS gasoil swap crack also saw inconsistency, falling from $31.40/bbl on 28 Oct to $28.55/bbl on 29 Oct. Prices then met support here, recovering to the $31/bbl handle on 30 Oct before reversing and falling to $28.25/bbl on 04 Nov. RBOB prices saw consistent strength this week, rising from $12.80/bbl on 28 Oct to $14.55/bbl on 03 Nov.
This week money managers are anticipated to be risk off in Brent and RBOB, trimming longs in the former and adding to shorts in the latter. In contrast, these players are expected to be risk on in gasoil by adding to their longs.
Further detailed information on other categories and contracts can be found in the report.
