The Jun’25 Brent crude futures climbed steadily on Thursday, from around $66.20/bbl at 08:00 BST to $66.90/bbl by 13:30 BST, surpassing highs reached earlier in the morning. Prices are trading at their highest levels in two weeks, and are on track for their first weekly rise in three. New sanctions on Iranian oil exports have increased supply concerns. In the news, Russian Arctic oil exports to China have surged this month, driven by ship-to-ship transfers off Southeast Asia that help sanctioned cargoes avoid scrutiny, as Chinese refiners continue to buy despite rising costs and logistical hurdles. Russia has warned that ...

Appropriately for the season, this week has been one of renewed optimism. Headline fatigue feels pretty overwhelming, but margins are healthy, inflation in the States is down, and Cushing saw a weekly draw. So, whether it's derisking, a weaker USD or genuine optimism, we have seen a w/w improvement in Brent this week. Easter bring a well-deserved break for the market after trading with constantly moving goalposts has become exhausting. US tariffs on some Chinese goods are up to 245%, which effectively acts as an embargo.

This afternoon the Jun’25 Brent Futures contract saw prices rally to $66.07/bbl at 15:44 BST before coming down to $65.57/bbl at 16:14 BST. Prices have since gained some support and are at $66.09/bbl 18:20 BST (time of writing). In the news, Turkey’s top oil refiner, Tupras, has resumed purchases of Russian Urals crude after a pause earlier this year due to US sanctions, sources told Reuters. The move comes as Urals crude prices dropped below the Western price cap to their lowest since 2023. Tupras was a major importer of Russian oil post-2022, with it making up 65% of Turkey's ...

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.

The Jun’25 prompt Brent futures contract saw a volatile afternoon, with prices jumping quickly up to $65.13/bbl at 15:15 BST before dropping down to $ 64.24/bbl at 16:46 BST only to move up to $64.70/bbl at 18:20 BST (time of writing). In the news, Nigeria plans to establish a national strategic petroleum products reserve this year to protect its economy from global supply disruptions, according to the country's petroleum regulator. It will be supported by expanding domestic refining, especially the 650kb/d Dangote Refinery and five smaller plants, which have already cut fuel imports significantly. India's average crude oil import price ...

The Dated market has retreated from the bullish hysteria since our last report on 1 April. There, intense stop-out flows saw decade-high trading volumes in the DFL. While the physical was more quiet, the futures was a completely different beast, and we have covered the 'Liberation Day' fuelled sell-off extensively elsewhere. Futures weakness was at odds with Dated strength, and physical differentials above $1/bbl is a testament to that. It is now a WTI story, with Midland setting the curve. Gunvor was the preeminent bullish player, taking May expiry cargos and lifting WTI Midland cargos in the window. Recently, Total ...

The Jun’25 Brent futures contract rallied up to $65.81/bbl at 12:15 BST before falling off to $64.12 /bbl at 17:12 BST and have currently slightly bounced back up to $64.37/bbl at 17:32 BST (time of writing). OPEC cut its 2025 global oil demand growth forecast by 150 kb/d to 1.30 mb/d, citing weaker-than-expected Q1 data and US trade tariffs. It also trimmed its economic growth forecast for 2024 and 2025. Despite the cut, OPEC remains more optimistic than the IEA, which sees demand peaking this decade. Meanwhile, OPEC+ output dipped slightly in March due to lower production from Nigeria and ...

Brent: Catching its breath? Last week, the tariff brinksmanship between the US and China saw China go toe-to-toe with escalatory reciprocal US tariffs, which ratcheted up to 145%. Yet, the rest of the world got a reprieve, with reciprocal tariffs suspended for 90 days, but still retaining a 10% base rate level. This allowed the front-month Brent contract to catch its breath, recover from its sub-60 doldrums on 09 April, and close the week just under $65/bbl. Longer-term technical support levels established in March 2021 at circa $60.30/bbl also seemed to play a role in arresting Brent’s descent. Last Tuesday, ...