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.
Physical demand for naphtha remained weak throughout the fortnight, with refiners and trade houses predominantly selling cracks. The absence of Shell’s buying activity in the June delivery window at the end of the month further underscored the subdued prompt demand.
The Sep’25 Brent futures contract initially climbed up to $68.73 at 07:27 BST before falling to $68.35/bbl at 08:34 BST. Prices have since jumped up to $68.95/bbl at 11:32 BST (time of writing). In the news, Russia’s oil and gas
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 fell off to 67.24/bbl at 15:32 BST. Prices then rallied to $68.35/bbl at 16:56 BST before softening to $68.25/bbl at 17:30 BST (time of writing). In the news, India is considering building three new sites
The LPG market saw a volatile period as prices see-sawed on crude fluctuations. Crude prices rallied and sold off just as quickly, as the geopolitical risk premium was unwound. The market’s attention then turned to CP, where a lower-than-expected CP
The Sep’25 Brent futures contracts rallied all morning to $67.96/bbl at 11:30 ST (time of writing). In the news, the American Petroleum Institute (API) reported a 680 kb increase in US crude oil inventories for the week ending June 27,
Brent crude futures have consolidated after last week’s sell-off, trading between a narrow $2 range over the week. Prices stabilised just above the span of the Ichimoku cloud of around $66-67/bbl, which will remain an important psychological level going forward.
The Dubai market has largely returned to normality as geopolitical risk unwinds. As per usual, the Strait of Hormuz didn’t close this time, although there was noticeably more market anxiety. The forward curve is being heavily pressured, with Brent/Dubai boxes
The September Brent Futures contract has seen a mixed afternoon, peaking at $67.50/bbl at noon, before being sold off following the US open to a low of $66.70/bbl, and rebounding up to $67.08/bbl at the time of writing (17:30 BST).
The Dated Brent physical differential weakened from above $1.10/bbl on 23 Jun to $0.38/bbl on 30 Jun, with Eni and Shell both offering Forties. Both players continued to cut their offers for Forties over the past week. While Total ultimately
Sep’25 Brent futures softened from $66.90/bbl at 0800 BST to $66.55/bbl at 1048 BST before inching back up to $66.90/bbl at the time of writing at 1120 BST, the time of writing. The UK government is funding the official receiver
The Sep’25 contract dropped to $67.49/bbl at 14:10 BST before rallying up to $67.78/bbl at 14:48 BST. Prices are at $67.64/bbl at 17:55 BST (time of writing). In the news, Kazakhstan is set to exceed its 2025 oil production forecast
Another week brings another selection of new trade ideas from Onyx Research. This week, we look at trades in Fuel Oil and Naphtha swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven
In the week ending 24 Jun, open interest continued to decline in the benchmark crude futures contracts (Brent and WTI futures). Brent and WTI futures saw a combined open interest dip of over 25mb (-0.53%) this week. This is a
Brent crude futures prices have steadied after last week’s sell-off, with market sentiment more balanced. Sep’25 averaged $67/bbl and traded within a $2 range from $66 to $68/bbl over the week. Prices fell sharply following Iran’s retaliation, which involved striking
