Futures Report: Ughhh-PEC
June 3, 2024
Technical indicators showed all products seeing volatility decreasing in the week, with the Bollinger bands narrowing.
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This Week’s Target Price: $80-82/bbl
June 3, 2024
Over the weekend, OPEC+ announced the extension of their oil production cuts into 2025, with the possibility of unwinding voluntary cuts from October 2024.
Brent Falls Below $81/bbl Handles
June 3, 2024
The August Brent Futures flat price saw a rangebound morning trading in a tight range between $80.80/bbl and $81.50/bbl. As at 11:25 (time of writing) it is on a slight downward trend at $80.95/bbl.
Daily Trade Ideas: 03/06/2024
June 3, 2024
Trade Idea 1: Long Jul TA Arb A closed transatlantic arb currently should be putting pressure on NYH prices to increase relative to Europe to incentivise more bbls moving. Although there are multiple ways the physical arb can open back
Brent Weakens to Jul ExpiryÂ
May 31, 2024
The August Brent Futures contract saw a weak afternoon where prices initially saw strength rallying to an intraday high of $82.62/bbl as of 14:00 BST. Yet, after this initial strength, we saw a continuous tumble throughout the afternoon down to
Fuel Oil Report – Panic! at the VISCO
May 31, 2024
Muted flows were seen in Eastern HSFO with 380 cracks in a range whilst Europe found support amid the front spread exiting contango territory.
Choppy Morning for Brent Amid Jul Expiry
May 31, 2024
The Aug Brent Futures flat price has seen a slight uptick this morning following some choppiness. The contract rose from $81.70/bbl at 06:45 BST to a high of $82.20/bbl at 10:25 BST, before rapidly dropping to $81.60/bbl by 10:45 BST.
Daily Trade Idea: 31/05/2024
May 31, 2024
Short Jul 0.5% Sing Crack We have seen an increase in fuel oil inventories in Singapore this week due to lower demand and good supply coming from the Middle East. Looking at the Onyx CoT the market position has been
Brent Traces Down To $82.30/bbl Handles
May 30, 2024
The August Brent Futures contract saw a volatile afternoon, rising to a peak of $83.40/bbl at 12:30 BST before prices fell to $82.60/bbl at 14:15 BST and subsequently oscillated between $82.30/bbl and $83.20/bbl later into the afternoon, printing at $82.22/bbl
TMNs: License to Cut
May 30, 2024
This week will see OPEC+’s meeting on Sunday, June 02, which has already seen key market players make various notable moves. In anticipation of the meeting, the four-week average amount of crude exports coming From Russia With Love have declined
CFTC Predictor: Calm Before the Storm(s)…?
May 30, 2024
In addition to our regular Monday CFTC COT analysis report, Onyx Insight will publish its own in-house CFTC COT forecast ahead of the official Friday report. The model forecasts changes in long and short positions using machine learning, utilising Onyx’s
Brent Hovers Above $83/bbl
May 30, 2024
The Aug Brent Futures flat price has had a mixed morning, falling from $83.25/bbl at 07:20 BST down to $82.95/bbl by 09:10 before it rallied up to the morning’s high of $83.50/bbl at 09:50 BST. Following this it has softened
Daily Trade Idea: 30/05/2024
May 30, 2024
Over the past 2 weeks we have seen downward pressure on the 0.5 E/W with news from the East that there was little demand after tenders issued by Al Zour refinery in Kuwait. However…
Brent Softens Below $83.50/bbl
May 29, 2024
The Aug Brent Futures flat price has had a weak afternoon, falling steadily from $84.50/bbl at 12:00 BST to $83.80/bbl at 14:50 BST.
Brent Firm in mid $84/bbl Handles
May 29, 2024
The Aug Brent futures flat price has had a reasonably quiet morning trading in a very tight range around $84.30/bbl. It has since seen a minor uptick to $84.65/bbl, where it is currently trading as of 11:00 BST.