
Reports
Report Schedule Update
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.


Oil Market Report: Buy the guts and sell the wings
Onyx Research brings to you a monthly review across the barrel, straight from the desk and with a CEO review.

Brent futures move sideways amid a mixed bag of news
The Apr Brent futures contract has been very volatile over the day and seems to be moving sideways amid a mixed bag of news. The contract was seen trading around the $77.50/bbl handles and dropped to a daily low of

Post-Expiry ClarityÂ
The resurgence of strength following a blip during expiry has allowed for the Dated market to enter February with strong buying in the face of a risk/reward skew previously thought bearish.

Future Horizons: A Prudent Perspective
After last weeks bearish run saw a crash from geopolitical risk derived highs, Onyx research suggests cautious room for growth in Brent as tensions in the Middle East escalate.

Crude Wars – The Return Of The Bulls
Managed by money positions in Brent futures reverted to the buy-side in the week to Jan 30 as length increased and shorts were reduced. Similar to this, WTI continued to see a bullish positioning.

A Cold-play
With a forecasted cold snap in Europe a bullish run is expected in the prompt TTF contract.

Brent futures have been volatile today before dipping below $79/bbl
The Apr Brent futures contract has been very volatile over the day with prices constantly between the $81/bbl and the $81.50/bbl marks. At 17:00 GMT, it was trading at $81.30/bbl. At 18:00 GMT (time of writing), prices have dipped below

Brent Back Above $81/bbl
The Brent futures flat price for the Apr contract has seen a minor rally this morning. Initially price action was seen weakening to $80.19/bbl at 08:40 GMT, however this spurred some buying interest, taking the contract to above the $81/bbl

EIA Shock Build Weakens Brent to sub $81/bbl
The Brent futures flat price for the April contract has seen a weaker afternoon, as prices fell from $82.23/bbl at 14:20 GMT to lows of $80.56/bbl at 16:45 GMT, before recovering slightly to just shy of the $81/bbl mark at

Apr Brent Futures retraced below $82/bbl due to weak economic data
Brent futures have been coming off over the start of the day, with the Apr contract trading from highs of $82.46/bbl at 08:30 GMT to retrace to $81.73/bbl at 10:00 GMT (time of writing). WTI prices have followed the same

Geopolitical Risk Equilibrium
The past fortnight saw the soon-to-be-prompt Mar Brent/Dubai contract rise above 80c/bbl on Jan 16, before sinking to 50c/bbl by Jan 24 and then rise again to 60/bbl come Jan 29.

Turbulent Week For Naphtha
This past week saw repeated attacks on Russian oil infrastructure, raising security concerns for a key section of global naphtha supply, in turn lending notable strength to the naphtha market.

Brent stays strong trading around the $82/bbl mark
The Apr Brent futures contract has weakened throughout the day and traded from above the $83/bbl mark to be priced at $82.16/bbl at 17:00 GMT (time of writing). WTI Apr prices have also come off today, initially trading above the

CFT-See Where The Market Is Positioned
Brent flipped to adopting a bearish positioning in the week to Jan 23, with longs exiting alongside a weekly rise in shorts. On the other hand, WTI also witnessed a reversal in net positioning, with money managers now bullish on