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.
Last week, we spoke about how it was difficult to hold Brent above $70/bbl, and absolutely nothing has changed. The M1 Brent futures contract moved from a high of $70.80/bbl on 18 Jul to closing sub-$70/bbl on the day and
It’s been a fairly uninspiring fortnight for gasoline bulls, with the M1 (Sep’25) RBOB futures crack ticking up from $19.75/bbl on 9 Jul to a high of $20.77/bbl on 15 Jul before plummeting to $17.90/bbl at the time of writing
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 Sep’25 Brent futures contract rallied to $69.43/bbl at 07:38 BST before softening to $68.91/bbl. Prices then rallied to $69.31/bbl at 11:10 BST (time of writing). In the news, Repsol confirmed its shareholder payout target after reporting a second-quarter adjusted
The Sep’25 Brent Futures contract saw a volatile afternoon with prices bouncing between $68.47/bbl and $68.03/bbl. Prices then rallied to $68.53/bbl at 17:28 BST (time of writing). In the news, US crude oil inventories dropped by 3.2 mb to 419
The Sep’25 Brent crude futures came off gradually on Wednesday morning, finding support at $68/bbl and trading at $68.20/bbl by 11:30 BST (time of writing). In the news, despite Chevron’s US-forced exit, Venezuela has held oil output near 1.1 mb/d
Over the past week, the M1 gasoil futures contract found support at the $700/mt level as its upward trend remains intact. For the uptrend to continue, it must overcome immediate resistance at $735/mt, which aligns with the highs from this
The Sep’25 Brent Futures contract initially rallied to $69.02 at 13:34 BST before falling to $68.21 at 15:08. Prices have since slightly recovered to $68.33/bbl at 17:35 BST (time of writing). In the news, US Treasury Secretary Scott Bessent will
While outright values suggest that the physical market is tight, whether or not this translates to a bullish market is a subjective matter. Notional values are high, but CFD rolls continue to roll down weekly. The 21-25 July 1-week roll
The Sep’25 Brent Futures contract fell to $68.32/bbl at 09:46 BST before recovering to $68.73/bbl at 10:12 BST. Prices have since softened to $68.57/bbl at 11:15 BST (time of writing). In the news, Nigeria’s Dangote Oil Refinery plans to increase
Another week brings another selection of new trade ideas from Onyx Research. This week, we look at trades in Distillate and NGL swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft
The Sep’25 Brent futures contract saw lower highs over the afternoon. The contract fell from over $69.20/bbl at 13.45 BST to below $68.45/bbl at 15.09 BST. Although the contract rose above $69.00/bbl around 16.05-16.15 BST, it failed to maintain this
In the week ending 15 Jul, exchange open interest in Brent and WTI futures increased by a combined 173mb (+3.66%). This is the second week of increasing risk in the crude futures benchmarks. This increase was fairly similar, on a
An Unwinding of Upside Protection Last week, the European Union approved its 18th package of sanctions against Russia over the war in Ukraine. The newest measures included an import ban on refined products processed from Russian crude oil in third
Sep’25 Brent futures were supported in the early morning, from $69.25/bbl at 03.40 BST to fail to hold strength above $69.60/bbl at 06.45 BST. The contract has since softened to around $68.95/bbl at 11.25 BST (time of writing). Turkey will
