Please note that there will be a hiatus in the publication of reports between 22nd December and 2nd January due to the Christmas period. Reports will be published as normal from Monday 5th January 2026.
Prompt Brent crude futures flat price strengthened overnight from $89/bbl handles at 17:00 BST, surpassing $91/bbl but coming off to $90.78/bbl handles at 10:00 BST, heading for a second weekly gain.
The HSFO market saw weakness in both regions as cracks capitulated once below -$10/bbl, with the European crack finding lows of -$13.30/bbl. Trade houses were on the sell-side whilst a well-offered physical amplified the weakness in the paper.
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Prompt Brent futures flat price has witnessed a relatively weak afternoon period. Prices initially fell to lows of $88.89/bbl at 13:50 BST, however, this level enticed some buying interest supporting the contract back to low $89/bbl handles.
Seems like the sceptics who scoffed at the mere mention of $100/bbl Brent earlier this year are now probably eating their words as we inch closer to the $90/bbl mark.
The Brent futures flat price for the prompt contract has seen a relatively weaker morning. Price action was initially stable around the $89.60/bbl mark in the early hours of the morning, however, since then prices have sold off slightly to
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
The Jun Brent futures contract strengthened into the afternoon with prices rising to $89.95/bbl around 15:20 BST but subsequently easing off to $89.70/bbl at 17:05 BST (time of writing).
The June Brent futures contract has seen a strong morning, opening around $89/bbl levels before seeing a small correction down to $88.70/bbl at 08:45 BST before rebounding and rallying up to $89.30/bbl levels at 10:30 BST.
The Brent futures flat price for the Jun contract steadily slipped from above the $89/bbl mark in the morning to a low of $87.96/bbl at 15:35 BST, before recovering its losses and reaching $88.87/bbl at 16:35 BST.
Last week, physical differentials settled to lows of -44c/bbl, the lowest level since January 2023. But as the old adage goes, ‘this too shall pass’.
After coming off into the end of the month, the prompt EBOB crack has been fairly rangebound with trade houses the key counterparty on the buy-side though notably we saw refiners coming in on the sell-side on the first day
With another week comes a fresh slew of trade ideas by Onyx Research.
After a rangebound week, with Jun Brent futures oscillating around the $85/bbl mark, Brent futures strengthened in the lead up to the Easter bank holiday weekend. Support continues to be found, surpassing the $89/bbl mark on Apr 02.
The June Brent futures contract has seen a strong rally this morning, opening around $88/bbl handles and rising quickly to settle around $89/bbl at 10:30 BST.
