Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in gasoline, NGL, and distillates swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft
The Mar’25 RBOB futures contract has consolidated in the $2.10/gal region and is supported by the 34-day moving average. It may find resistance at $2.17/gal, a high seen in October 2024 and January 2025. Momentum is neutral, while Onyx’s CTA
The Apr’25 Brent futures contract was supported above the $75/bbl handle this morning, climbing to $75.85/bbl at 09:40 GMT, where it initially met resistance, before ultimately climbing to $75.95/bbl at 10:40 GMT (time of writing).
The front-month Brent futures contract softened from an intraday high of $77.30/bbl on 11 Feb to $75/bbl the next day, following which it drifted sideways and now stands at $74.85/bbl on 17 Feb (at 16:20 GMT). The contract appears to
After softening this morning, the Apr’25 Brent futures contract saw steady strength this afternoon, rising from $74.45/bbl at 1215 GMT up to $75.10/bbl at 1750 GMT (time of writing). Crude oil prices have ultimately remained rangebound today as markets await
The Apr’25 Brent crude flat price has stabilised after last week’s sell-off and is trading at $74.60/bbl as of 12:00 GMT on 17 February (time of writing). While Trump’s tariff threats have raised concerns about their implications for oil demand,
In the week ending 11 Feb, combined open interest (OI) across both Brent and WTI futures increased by 67mb (+1.6%), following two consecutive weeks of declines. We saw a proportionately greater increase in Brent futures OI, which rose 44mb w/w,
The front-month Brent futures contract was rangebound around $74.75/bbl and $75/bbl all morning before rising to $75.15/bbl at 10:23 GMT, where it met resistance and softened to $74.90/bbl at 10:50 GMT (time of writing).
The Apr’25 Brent futures contract increased from $75.45/bbl at 1200 GMT this afternoon up to $75.80/bbl at 1330 GMT, where prices sold-off to $74.85/bbl at 1750 GMT (time of writing). In the news today, US Treasury Secretary Scott Bessent said
In High Sulphur Fuel Oil (HSFO), the 3.5% barge complex weakened into the new year. The Feb/Mar’25 3.5% barge spread dropped from $4/mt on 27 Dec to a contango of -$1/mt on 14 Jan. While this contango was short-lived, the
Sell Baby Sell? On Monday, we forecast the front-month Brent futures contract to hover between $74 and $77/bbl by the end of this week. As of Friday, at 10:05 GMT, the M1 futures contract is trading at $75.40/bbl. In line
Apr’25 Brent futures strengthened from around $75.10/bbl at 0630 GMT this morning up to $75.55/bbl at 0835 GMT, before tapering off to $75.25/bbl at 1055 GMT (time of writing). In the news today, a Russian drone has caused significant damage
The Apr’25 Brent futures contract has made a recovery after weakness this morning, trading from around $74.10/bbl at 1300 GMT up to $75.00/bbl at 1730 GMT. In the news today, President Zelenskyy said that Ukraine would not accept any bilateral
This week reminded the market that we do not know what will happen next. The whipsaw of news seemed to pull the rug from under you as soon as you believed it. So what can we say really happened this
Apr’25 Brent futures initially saw small strength this morning, increasing from $74.50/bbl on 0600 GMT up to a touch under $74.90/bbl at 0910 GMT, but has since fallen to $74.10/bbl at 1025 GMT (time of writing). Crude oil prices have
