Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
In the week ending 18 Mar, combined open interest (OI) across both Brent and WTI futures increased more than 3x the previous week. Combined OI rose by 71.8mb (+1.66% w/w). This is the largest increase in OI for Brent +
The May’25 Brent crude futures opened on 24 March above $72/bbl, marking its highest level traded since the start of March. Prices were supported last week as the US sanctioned a Chinese teapot refiner for the first time as it
The naphtha market started off the fortnight strong, however, ultimately saw lacklustre performance. The Apr’25 NWE naphtha crack climbed from around -$2.70/bbl on 17 March to a fortnightly high of -$2.45/bbl by 19 March. However, this was short-lived as the
The May’25 Brent futures contract started the week strong, increasing from an overnight low of $71.80/bbl at 0330 GMT up to $72.60/bbl at 1040 GMT (time of writing). Crude oil prices have seen sustained bullish sentiment as the markets weigh
The May’25 Brent futures contract strengthened from this afternoon’s low of $72.60/bbl at 1340 GMT up to a touch under $73.20/bbl at 1745 GMT (time of writing). Fresh US sanctions on Iran continue to stoke bullish sentiment in crude oil
The front-month Brent futures contract recorded weakness this morning after strengthening on news of additional US sanctions on Iranian oil sales. Prices initially climbed to $72.30/bbl at 08:15 GMT, but continue to see resistance above $72/bbl and weakened to just
The May’25 Brent futures contract increased from an intraday low of $69.70/bbl on 13 Mar up to a weekly high of $72.00/bbl on 18 Mar. The May’25 contract then sold-off on 19 Mar to $70.00/bbl, which acted as a support
The front-month Brent futures contract dropped to $70.55/bbl at 13:35 GMT this afternoon but found support here and climbed to $72.10/bbl at 15:40 GMT. At the time of writing, 17:20 GMT, the M1 futures contract stands just shy of $72/bbl.
The May’25 Brent crude futures rose to $71.40/bbl on Thursday morning before dropping to $70.75/bbl by 10:30 GMT (time of writing). In the news, a North Dakota jury ordered Greenpeace to pay over $660 million to Energy Transfer Partners for
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
May’25 Brent futures has been supported this afternoon, rising from $70.55/bbl at 1200 GMT up to $71.20/bbl just before 1700 GMT, tapering to $71.00/bl at 1735 GMT (time of writing). EIA stats released this afternoon recorded a 1.75mb build in
The May’25 Brent futures contract strengthened from $71.45/bbl at 0600 GMT up to $72.15/bbl at 1020 GMT, tapering off to $71.95/bbl at 1040 GMT (time of writing). Crude oil prices have been supported amid instability in the Middle East as
The Dated Brent physical has seen a strong performance, with the physical differential stable and rangebound around the 80c/bbl region. Prompt CFD rolls have rallied, with the 24-28 March 1-week roll rising to $0.35/bbl. This comes despite being in the
The front-month Brent futures contract witnessed a weaker afternoon, with prices softening from over $72/bbl at 12:25 GMT to $70.35/bbl at 17:00 GMT. Subsequently, the contract saw a wave of support and rallied to around $71/bbl at 17:20 GMT but
The front-month RBOB futures contract saw a fortnight of two halves. We first saw prices weaken from $2.23/gal on 3 Mar to an intraday low of $2.07/gal on 11 Mar. However, the following week saw prices rise to $2.20/gal at
