The Jan’26 Brent futures contract traded rangebound this afternoon, from highs of $64/bbl at 12:30 GMT to lows of $63.50/bbl at 16:00 GMT. Prices are at $63.58/bbl as of 17:30 GMT (time of writing). In the news, Reuters reported that two tankers carrying roughly 1.5mb of Russian crude have anchored at both ends of the Suez Canal, signalling Russia’s challenges in selling oil following Western sanctions last month. The tankers Sikar and Monte 1 were loaded from Russia’s Baltic port of Primorsk in early October and have been anchored for over a week, per LSEG and OilX data. In other ...

In this edition, we take a look at the Dec'25 Gasoline TA Arb.

In this edition, we take a look at the Dec'25 NWE Naphtha Crack.

The Jan’26 Brent futures contract weakened this afternoon, from $64/bbl at 13:00 GMT to $62.98/bbl at 17:00 GMT (time of writing). In the news, Reuters reported that Lukoil's Volgograd refinery has halted operations after a Ukrainian drone attack in the Southern city. The refinery (capacity 100mb/d) reported that its primary CDU unit and a hydrocracker had been damaged in the attack. In other news, Russian oil is trading at its biggest discount to Brent crude in a year, as Indian and Chinese refiners cut their purchases amid US sanctions on Russian major companies. According to a Reuters report, the gap ...

"On a scale of zero to 10, with 10 being the best, I would say the meeting was a 12" as Trump made his admiration for Chinese President Xi Jinping very clear last week. There was to be no Halloween freakout as the trade détente between the world's two largest economies reassured jittery markets. Meanwhile, Trump has been eyeing up Venezuela, as the US military builds up alongside the coast. We won't speculate on the politics, but for oil, the endgame is undoubtedly bearish, reaffirming the America-invading-for-oil memes. The Latin American nation has the largest oil reserves in the world, ...

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 Jan’26 Brent futures contract initially rose this afternoon, from $64.10/bbl at 14:00 GMT to $64.67/bbl at 16:00 GMT. Prices met resistance here, easing to $63.71/bbl at 17:00 GMT (time of writing). In the news, Serbian President Aleksandar Vucic has stated that Russia is seeking partners for NIS, the Serbian-based oil company currently under US sanctions, to resolve a deadlock with the US regarding the company’s Russian ownership. Elsewhere, Reuters sources have reported that the Iraqi state oil company SOMO has cancelled three Lukoil crude oil loadings this month, following new US sanctions on the Russian oil giant. The loadings ...

The Jan’26 Brent futures contract rose this afternoon, from $63.93/bbl at 14:00 GMT to $64.55/bbl at 17:00 GMT (time of writing). In the news, a Reuters survey shows that OPEC’s oil output increased by 30kb/d m/m in October, although the growth rate slowed compared to September. In Nigeria, the country’s national oil company (NNPC) is set to raise oil production to 2mb/d within the next two years, according to the executive vice president for upstream, Udy Ntia. In other news, Reuters sources have reported that Russian oil giant Lukoil is having difficulty maintaining its international operations as Western sanctions disrupt ...