In the week ending 28 Oct, the M1 Brent futures contract initially rallied to highs of $66.67/bbl, supported by US sanctions on Russian oil majors. Levels eased to $64.26/bbl by 28 Oct close, as reports of another modest OPEC+ output increase pressured prices. RBOB prices saw some volatility in the week ending 28 Oct, peaking at the week’s high of $13.89/bbl on 23 Oct before finding the week’s low of $13.09/bbl on 27 Oct. Prices saw some support at this level, recovering slightly to $13.61/bbl on 28 Oct. ICE gasoil cracks experienced good strength throughout the week, rising steadily from $23.79/bbl on 21 Oct to $31.73/bbl on 27 Oct.
This week, in all three contracts, money managers are anticipated to increase length while trimming shorts. Producers/merchants, in contrast, are expected to be risk-off across the three contracts, trimming both longs and shorts.
Further detailed information on other categories and contracts can be found in the report.
