Gasoline Report: The bulls take over
December 1, 2025
14 page report
The gasoline complex quickly rebounded from the brief bout of weakness seen in the second half of November….
Reports
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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.
Naphtha Report: Taking a Nap(htha)
December 1, 2025
14 page report
The naphtha swaps market has been relatively sideways when looking at the cracks, but the strength in Asia has continued to outpace its European counterpart. We are starting to see some better selling at these very strong levels. South Korea
Oil Monthly Report: All About U-kraine
December 1, 2025
29 page report
Uncertainty remained the only constant in the oil market this past month. Participants quickly shifted from wearing their “oil glut” hats to “Ukrainian drone attack hats” before ultimately tossing both aside to fret instead about the US government shutdown, the
European Window: Brent Eases to $62.97/bbl
December 1, 2025
4 page report
The Feb’26 Brent futures contract broke the $63/bbl handle this afternoon, before easing to $62.97/bbl at 17:00 GMT (time of writing). In the news, the Caspian Pipeline Consortium (CPC) stated that it has resumed oil shipments from Sing-Point Mooring 1
Brent Forecast: 1st December 2025
December 1, 2025
View: Bearish Target Price: $60-63/bb Downtrend holds in a tense and murky market. Brent is drifting with no real trend and bearish momentum. We anticipate the downtrend to continue and Feb’25 to end the week between $60-63.00/bbl. Geopolitically, there are
CFTC Weekly: Cautious Money Managers
December 1, 2025
13 page report
In the week ending 25 Nov, the M1 ICE Brent futures contract initially fell from a high of $65.07/bbl on 18 Nov to the week’s low of $61.87/bbl on 21 Nov. Prices met some support here, rising to $62.49/bbl by
Overnight & Singapore Window: Brent sub-$63.50/bbl
December 1, 2025
5 page report
Feb’26 Brent futures reached a high of $63.74/bbl at 08.37 GMT this morning before slipping to $63.45/bbl at 10.32 GMT (time of writing). OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026. Despite easing some
European Window: Feb’26 Brent inches above $63/bbl
November 28, 2025
4 page report
The Feb Brent Futures has seen a stronger afternoon, trading steadily up from around $62.70/bbl to $63.24/bbl where it prints at the time of writing, 17:30 GMT…
Overnight & Singapore Window: Brent Recovers to $62.55/bbl
November 28, 2025
5 page report
Feb’26 Brent futures rose overnight, from $62.72/bbl at 01.39 GMT to reach $63.26/bbl at 08.29 GMT before slipping to $63.00/bbl at 10.03 GMT (time of writing). A data centre cooling issue at CME Group has forced a halt in trading
Trader Meeting Notes: Gobbling up Margins
November 27, 2025
16 page report
Happy Thanksgiving! Just like a well-stuffed turkey roast, the market has gobbled up refinery margins, with the M1 margin dropping from nearly $16/bbl on 18 Nov to $11.50/bbl on 27 Nov, bringing it back within the 5-year range. Gasoil has
European Window: Brent Trades in the $62/bbl Handle
November 27, 2025
4 page report
The Feb’26 Brent futures contract traded in the $62/bbl handle this afternoon, from $62.39/bbl at 13:30 GMT to $62.80/bbl at 16:20 GMT. Prices have since settled to $62.64/bbl at 17:00 GMT (time of writing). In the news, Russian President Vladimir
Fuel Oil Report: Flowing to New Lows
November 27, 2025
17 page report
The HSFO market has been under pressure over the fortnight, although both regions continue to hold at, or near, seasonal highs. The Dec’25 3.5% barges crack fell from -$3.20/bbl to around -$5.10/bbl by mid-November but remains at seasonal highs. Open
Overnight & Singapore Window: Brent Recovers to $62.55/bbl
November 27, 2025
5 page report
The Feb’26 Brent futures contract has recovered most of its overnight losses. The contract softened from $62.60/bbl at 20.16 GMT to move between $62.15-62.25/bbl overnight before rising to $62.55/bbl at 09.55 GMT (time of writing). The US envoy Steve Witkoff
CFTC Predictor: Money Managers Risk-on in Brent & Gasoil
November 27, 2025
9 page report
In the week ending 25 Nov, the M1 Brent futures contract traded down from $65.07/bbl on 18 Nov to the week’s low of $61.87/bbl on 21 Nov; prices met some support here and rose to $62.49/bbl by the week’s close.
European Window: Brent Climbs to $62.18/bbl
November 26, 2025
4 page report
The Feb’26 Brent futures contract climbed this afternoon, from $61.58/bbl at 14:30 GMT to $62.18/bbl at 17:00 GMT (time of writing). In the news, the UK government has announced that it will allow new oil and gas production on or