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.
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
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
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
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
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
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.
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
The Feb’26 Brent futures contract eased from $62.14/bbl at 07:00 GMT to $61.80/bbl at 10:00 GMT (time of writing). In the news, Reuters has reported that Serbia is working on an amendment to the draft budget law that would allow
There has been a complete reversal in the regime since our report last week, with our bullish outlook seeming modest compared to the market’s upswing. There has been buy-side interest in the physical window from Totsa and Trafigura. Players who
The M1 Brent/Dubai has coiled into a tight range between -$0.90/bbl and -$0.55/bbl for most of November, standing at -$0.85/bbl at the time of writing on 25 Nov. Trading has been rife with intraday volatility, with the market still lacking
The Feb’26 Brent futures contract eased this afternoon, from $62.69/bbl at 13:30 GMT to $61.00/bbl at 16:00 GMT. Prices met some support here, recovering to $62.15/bbl at 17:00 GMT (time of writing). In the news, the White House has said
The Jan’26 Brent futures opened slightly lower overnight Tuesday around $63.20/bbl, before ticking lower towards $62.80/bbl where it found support. As of 17:30 SGT (time of writing), prices are trading around $62.87/bbl. In the news, top US Army official Dan
The M1 RBOB crack (SwSw) has seen a significant sell-off this week, dropping from closing at $16.30/bbl on 18 Nov to reaching a low of $13.90/bbl on 14 Nov, recovering to around $14.00/bbl at the time of writing on 25
Another week brings another selection of new trade ideas from Flux Insights. This week, we look at trades in Gasoline and Fuel. Our weekly Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft methods on
The naphtha swaps market maintained a broadly cautious tone this week as players weighed conflicting signals across regions. A drone strike on Russia’s Ryazan refinery reignited supply concerns in the Eastern market, echoing earlier refinery disruptions and helping keep Eastern
