NGLs

Natural Gas Liquids (NGLs) such as ethane, propane and butane are used in petrochemicals, transportation, and residential heating.

Find live prices on Flux Terminal. Trade NGLs cost-free on Onyx Markets.

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European Window: Brent Recovers to $64.69/bbl

The Aug’25 Brent futures contract traded between $65.14/bbl and $65.91/bbl for most of the afternoon. The contract fell to $64.48/bbl at 16:18 BST but has slightly recovered to $64.69/bbl at 17:30 BST (time of writing). In the news, US crude inventories dropped by 4.3 mb last week to 436.1 million, as refineries ramped up operations to 93.4% capacity for the summer driving season, EIA data shows. However, fuel inventories rose sharply: gasoline by 5.2 mb and distillates by 4.2 mb. Gasoline consumption fell by 1.2 mb/d to 8.3 mb/d, raising concerns about demand despite the post-Memorial Day period. Crude imports increased by 389kb/d, and Cushing stocks rose by 576kb. In other news, PetroChina will shut down the last crude unit at its 410kb/d Dalian refinery, its largest in northern China, on June 30, marking the first full closure of a state-run refinery in the country. The secondary units will follow in July, and inventories will be cleared by August. The Dalian plant, which processes mainly Russian ESPO crude, represents nearly 3% of China’s refining capacity. Russia’s National Wealth Fund lost nearly $6B in liquid assets in May, falling to $35.5B, according to the finance ministry. Liquid assets have dropped 68% since the Ukraine invasion began in 2022. The decline is tied to falling oil prices, which pushed Russian oil revenues to just $6.5B in May. Crude export volumes held steady, but revenues sank to a two-year low. Finance Minister Anton Siluanov has suggested revising the $60/bbl benchmark in Russia’s budget rule as oil prices stay below that level. Finally, The front-month Aug/Sep and 6-month Aug/Feb’26 spreads are at $0.64/bbl and $1.41/bbl respectively.

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European Window: Brent Softens to $65.66/bbl

The Aug’25 Brent futures contract rallied all afternoon to $65.86/bbl at 17:11 BST, but has since softened a little to $65.66/bbl at 17:40 BST (time of writing). In headlines, Venezuela’s May oil exports held steady at ~779kb/d, with rising shipments to China of 584 kb/d offsetting the end of US-authorized sales; Chevron and Reliance deliveries ceased, and PDVSA began independent Boscan crude exports to Asia. In other news, according to Reuters, refining margins hit their highest since March 2024 due to tight fuel oil supply, strong summer demand, and outages, though analysts warn the surge may be short-lived. Meanwhile, new US-Iran nuclear talks are underway, but major obstacles remain, including Iran’s refusal to halt enrichment or export its enriched uranium. Any new agreement would need to restore robust IAEA oversight and reconstruct a “baseline” of Iran’s nuclear activities, an effort experts say will be difficult and potentially incomplete due to long-standing information gaps. At the time of writing (17:40 BST), the prompt (Aug/Sep) and 6-month (Aug/Feb) Brent Spreads were at $0.66/bbl and $1.57/bbl.

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European Window: Brent Bounces Back to $65.05/bbl

The Aug’25 Brent futures contract initially continued rallying up to $65.68/bbl at 14:15 BST, but then fell off to $64.50/bbl at 15:02 BST. Prices have since recovered to $65.05/bbl at 17:30 BST (time of writing). In the news, Kazakhstan’s Kashagan oilfield is set to reach 1B barrels of cumulative production by the end of 2025. Located in the North Caspian Sea, Kashagan holds about 35B barrels of oil in place, with nearly 16B deemed recoverable. Kazakhstan is also expanding its Tengiz field, set to boost output by 260kb/d. Despite being an OPEC+ member, Kazakhstan continues to exceed its production quota, citing its limited control over fields operated by international partners. In other news, Venezuela’s government is increasing taxes and service charges on the private sector, putting added strain on already struggling businesses. Reuters analysts estimate a 30% drop in oil income from $15B in 2024, prompting demands for advance tax payments, fines, and higher local service fees. Business leaders warn these measures threaten jobs and growth, with 77% citing tax burden as their main obstacle. President Trump’s proposed budget includes shutting down the “Northeast Home Heating Oil Reserve” within months, aiming to sell its 1mb of diesel for an estimated $86 million to help reduce the US deficit. The reserve, established in 2000, hasn’t been used since Hurricane Sandy in 2012. Trump’s plan contrasts with former President Biden’s 2022 proposal to expand the reserve amid energy price spikes following Russia’s invasion of Ukraine. Finally, the front-month Aug/Sep spread is at $0.78/bbl and the 6-month Aug/Feb spread is at $1.68/bbl.

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Refinery Margins Report

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.

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ETFs Report

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.

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European Window: Brent Fall to $62.41/bbl

The Aug’25 Brent futures contract fell in a $1.43/bbl move down to $62.53/bbl at 13:47 BST. Prices then traded between $62.40/bbl and $63.04/bbl for the rest of the afternoon and at 17:20 BST (time of writing) were trading at $62.45/bbl. The Jul’25 contract similarly fell in a $0.96/bbl drop to $64.61/bbl and traded rangebound for the rest of the afternoon. In the news, OPEC+ may consider a July oil output hike larger than the 411kb/d increases for May and June at its Saturday meeting, sources told Reuters. The move follows rising tensions over members like Kazakhstan, which has refused to cut production despite exceeding its quota for months. Saudi Arabia and Russia are reportedly using higher output to pressure over-producing allies and regain market share. In other news, US crude oil output hit a record high of 13.49mb/d in March, surpassing the previous peak from October 2024, the EIA reported. However, demand for oil products fell to a 12-month low of 19.95 mb/d, highlighting a growing gap between supply and consumption. Libyan authorities have arrested three suspects linked to a militia that broke into the National Oil Corporation (NOC) headquarters in Tripoli, demanding jobs. The incident prompted the eastern Libyan government to threaten declaring force majeure on oilfields and export terminals, citing repeated assaults on the NOC. While NOC denies the break-in, tensions persist between the rival eastern and western governments. Finally the front-month Jul/Aug and 6-month Jul/Jan’26 spreads are at $1.35/bbl and $2.56/bbl respectively.

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COT Deep Dive – Sing 380/ 3.5% Barges E/W

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 Jun’25 380 E/W.

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COT Deep Dive – Naphtha Crack (NWE)

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 northwest Europe (NWE) naphtha crack.

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Trader Meeting Notes

Trader Meeting Notes: Bearish OP-EC-TICS

We began with yet another flat week in Brent, before prices broke into the $66/bbl handle on 29 May. This support emerged from a US Federal Court blocking President Donald Trump’s tariffs, including the pre- “Liberation Day” fentanyl tariffs on China, Mexico and Canada. The Court of International Trade said the US President did not have “unbounded authority” to impose tariffs on the US’s trading partners. While the Trump administration has planned to appeal this decision, it undoubtedly brought short-lived zeal into financial markets. The US dollar index (DXY) broke above 100 this morning but has since fallen below this level. US equities surged in early trading, and while they have since softened a touch, they remain supported. As for oil, after hitting a zenith at $66.15/bbl this morning, the M1 Brent futures contract weakened to $64.25/bbl – back to its regularly scheduled programming for the past week. Some support may come from a 2.795mb draw in US crude oil inventories in the week ending 23 May, reported on 29 May. In addition, while this Saturday’s OPEC+ meeting may also provide some direction to price action, the market expects the producer group to agree on another accelerated supply hike in July, intensified by a confirmation from Kazakhstan this week. While the optics of such a hike are unequivocally bearish, OPEC+ has been overproducing. This nominal 411kb/d unwind in voluntary cuts will not result in a matching increase in actual barrels supplied to the market. Nevertheless, it will be interesting to see whether the market will react strongly to the OPEC+ hike or if we’ll continue to oscillate around a low-to-mid $60s range in the coming weeks.

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European Window: Brent Fall to $63.14/bbl

The Aug’25 Brent futures contract fell most afternoon to $63.14/bbl at 15:18 BST. Prices have risen slightly to $63.43/bbl at 17:40 BST(time of writing). In the news, the EIA reported that US crude inventories fell by 2.8 mb last week to 440.4 mb, defying expectations for a slight increase. Gasoline and distillate stocks also dropped by 2.4mb and 724kb, respectively. Refinery runs and utilization rates declined, while crude imports fell by 532b/d. Cushing hub inventories rose slightly by 75k/b. In other news, Libya’s eastern government may declare force majeure on oil exports due to alleged assaults on the National Oil Corporation (NOC), though NOC denies any attack. The eastern faction, aligned with General Khalifa Haftar, controls many oilfields and may relocate NOC’s HQ to safer cities it controls. Despite recent clashes in Tripoli, NOC assures operations remain unaffected. International oil firms like BP, Eni, and Weatherford have recently resumed activities in Libya after years of conflict-related withdrawal. In OPEC related news, Kazakhstan has told OPEC+ it cannot cut oil production, citing contractual limits with international consortiums that control over 70% of its output and technical challenges at older, state-run fields. Energy Minister Yerlan Akkenzhenov said the country may even raise output later this year. Deputy Energy Minister Alibek Zhamauov added that OPEC+ is expected to announce a new output hike at its Saturday meeting, with the exact volume to be confirmed then.Finally the front-month Jul/Aug and the 6-month Jul/Jan’26 spreads are at $0.75/bbl and $1.96/bbl respectively.

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COT Report: At a Standstill

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.

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European Window: Brent Below $65.00/bbl

The Aug’25 Brent futures contract slowly rallied up to $64.59/bbl at 14:35 BST before jumping up to $65.03/bbl at 16:43 BST. Prices have since come off to $64.65/bbl at 17:30 BST. In the news, OPEC+ has agreed to create a mechanism to set new oil production baselines for 2027, aiming to reflect countries’ true capacity amid shifting output levels. No immediate policy changes were made, but eight members may agree on Saturday to a July output increase of 411kb/d. Current output cuts remain in place, with some being gradually lifted through October. In other news, Russia may revise the $60/bbl baseline in its budget rule due to falling oil prices, Finance Minister Anton Siluanov said. The rule currently directs oil revenue above $60/bbl to the National Wealth Fund, while revenue shortfalls are covered when prices drop below that level. With Urals crude recently near $50/bbl and oil revenues down 24%, Russia is now projecting a larger 2025 budget deficit, 1.7% of GDP, up from 0.5%. More from Russia, where sanctioned tankers have recently been involved in ship-to-ship transfers of Russian crude that later arrived in India, Bloomberg reports. India, a top buyer of Russian oil alongside China, prohibits sanctioned vessels from unloading at its ports. Indian refiners maintain they comply with sanctions and the G7 price cap. In May, India is set to import nearly 1.8mb/d of Russian oil driven by increased purchases of lighter grades like ESPO. Finally, the front-month Jul/Aug spread is at $0.58/bbl and the 6-month Jul/Jan’26 spread is at $1.65/bbl.

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Overnight & Singapore Window: Brent Bounces Back to $64.64/bbl

The Jul’25 Brent futures initially jumped up to $64.55 at 08:57 BST before falling to $64.09 at 09:33 BST. Prices then rallied back up to $64.64 at11:30 BST (time of writing). In the news, Israel has denied a New York Times report claiming Prime Minister Benjamin Netanyahu threatened to strike Iran’s nuclear facilities to derail US-Iran nuclear talks. The article cited concerns among Israeli officials that President Trump may accept an interim deal allowing Iran to retain enrichment capabilities. In other news, the Trump administration has issued a limited authorization for Chevron to keep its assets in Venezuela but barred it from operating oilfields, exporting oil, or expanding activities. This follows the expiration of a broader license granted under Biden. The move aims to prevent financial support to President Maduro’s government. Venezuela’s oil output has been slowly recovering but remains low due to sanctions and mismanagement. Norwegian energy firm Okea has discovered oil at the Prince prospect in the North Sea, according to the Norwegian Offshore Directorate. The find is estimated at 1.9mb to 17.5mb. Located near the Brage field, Okea operates the site with a 35.2% stake, alongside partners Lime Petroleum, DNO, Petrolia Novo, and M Vest Energy. Saudi Arabia may lower its July crude oil prices for Asia to the lowest in six months, according to a Reuters survey of refiners. The official selling price (OSP) for Arab Light is forecasted to drop by 40–50 cents. The move follows falling oil prices amid rising OPEC+ supply and weaker global demand. Finally, the front-month Jul/Aug and 6-month Jul/Jan’26 spreads are at $0.55/bbl and $1.47/bbl respectively.

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European Window: Brent Recovers to $64.01/bbl

The Jul’25 Brent futures contract fell all afternoon to $63.53/bbl at 16:39 BST. Prices have slightly recovered to $64.01/bbl at 17:45 BST (time of writing). In the news, OPEC+ is expected to announce another oil output increase for July when eight core members meet on Saturday, three group delegates told Reuters. The hike, likely to match the 411kb/d increases seen in May and June, is part of a phased unwinding of voluntary cuts as demand climbs. No policy change is anticipated at the broader group’s meeting next Wednesday. SEB analysts suggest the move is already priced into the market. In other news, a wildfire in northern Alberta has led to the evacuation of the town of Swan Hills and the temporary shutdown of local oil and gas operations. Aspenleaf Energy shut in 4kb/d of production and evacuated field staff as a precaution. The fire marks Alberta’s first significant blaze this spring, echoing past years when wildfires disrupted hundreds of thousands of barrels per day in oil production. Saudi Aramco is set to price a three-part US dollar bond next Tuesday, aiming to raise at least $500 million, according to IFR. The move is part of a broader effort to boost funding as oil prices fall and Saudi Arabia’s budget deficit widens. Finally, the front-month Jul/Aug spread is at $0.53/bbl and the 6-month Jul/Jan’26 spread is at $1.40/bbl.

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European Window: Brent Rallies $65.01/bbl

The Jul’25 Brent futures contract initially dropped from $64.58/bbl down to $63.41/bbl at 13:10 BST. Prices then rallied all afternoon to $65.01/bbl but slightly came off to $64.72 at 17:15 BST (time of writing). In the news, US President Donald Trump proposed a 50% tariff on EU imports starting June 1. EU and US trade officials are set to discuss the issue later today. The proposed tariffs triggered sharp declines in European stocks and bond yields, with economists warning of a serious escalation in trade tensions. The EU is considering countermeasures but prefers a negotiated solution. In other news, Suriname is aiming to expand its offshore oil exploration with increased interest from majors like Shell, TotalEnergies, and Petronas. TotalEnergies is leading the $10.5B GranMorgu project, expected to produce first oil in 2028 from reserves of over 750mb. The project includes a 220kb/d FPSO and is forecast to boost Suriname’s GDP by 55% in 2028, according to the IMF. Iraq’s federal government said Friday that recent energy deals signed between US companies and the Kurdistan Regional Government (KRG) violate the constitution and must be approved by Baghdad. This comes after the KRG formalized two major agreements with HKN Energy and WesternZagros, targeting development of the Topkhana block, estimated to hold 5 trillion cubic feet of gas and 900mb of oil. Iraq’s Oil Ministry emphasized it has no issue with US firms operating in Iraq, but only through official federal channels, not directly with the KRG. Finally the front-month Jul/Aug and 6-month Jul/Jan’26 Brent spreads are at $0.59/bbl and $1.63/bbl respectively

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