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 ...

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.

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.

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 ...

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 ...

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 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 ...

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 ...