In the week ending 25 Nov, the M1 Brent futures contract traded down from $65.07/bbl on 18 Nov to the week’s low of $61.87/bbl on 21 Nov; prices met some support here and rose to $62.49/bbl by the week’s close. Prices eased early this week following reports of a potential Russia-Ukraine peace framework. The draft plan, initially leaked on 19 Nov, has yet to be officially agreed upon between the involved nations; US Special Envoy Steve Witkoff is scheduled to visit Moscow next week, while US Army Secretary Daniel Driscoll is anticipated to meet with Ukrainian officials in the next few days. Prices then met support on 24 Nov, as expectations of a December US interest rate cut increased. The Jan’26 RBOB futures crack fell this week from $16.32/bbl on 18 Nov to $13.90/bbl on 25 Nov. Similarly, the Jan’26 ICE Gasoil swap crack fell from $38.42/bbl on 18 Nov to $28.33/bbl on 25 Nov.
This week in Brent and ICE gasoil, money managers are expected to cut length and increase shorts, while producers/merchants are anticipated to increase exposure across the board. In RBOB, money managers are not expected to make any changes to their positioning, though producers/merchants are anticipated to be risk-off across the board.
Further detailed information on other categories and contracts can be found in the report.
