Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
Lacking a spark, continued rangebound prices in Brent. We are looking for the front month Nov’24 contract to finish the week between $70-75/bbl as we fail to see any reason for Brent to break out of this rangebound regime. This
Nov’24 Brent futures contract was volatile this morning, trading at $75.03/bbl at 07:00 BST and dipping down to a low of $74.25/bbl at 09:45 BST, before climbing up to $74.64/bbl at 11:25 BST (time of writing). In the news today,
The Nov’24 Brent futures price inched up this afternoon from $74.59/bbl at 12:00 BST to $74.76/bbl at 17:30 BST (time of writing). In the news today, Russia has boosted its use of sanctioned tankers to export oil, demonstrating the country’s
In high sulphur fuel oil, we saw some greater strength in the European HSFO complex. The Oct’24 3.5% Barges crack climbed from -$13.55/bbl on 2 Sep to -$9.05/bbl by 19 Sep, fueled by trade houses adding 535kb of longs and
Finally, some strength! At the start of the week, we forecasted that the front-month Brent futures contract would tick slightly higher through the week, but ultimately remain rangebound between $71-74/bbl. As of 20 Sep, 11:50 BST (time of writing), the
Nov’24 Brent futures contract was rangebound between $74.50/bbl and $74.80/bbl throughout the morning, trading at $74.45/bbl at 11:25 BST (time of writing). In the news today, data from the General Administration of Chinese Customs stated that Chinese crude imports from
The Nov’24 Brent futures contract showed volatility this afternoon but ultimately strengthened from $74.30/bbl at 12:00 BST to $75.67/bbl at 17:15 BST (time of writing), indicating a possible continuation of recent bullish sentiment. In the news today, ING, the largest
The Fed has initiated the rate easing cycle, lowering its key overnight borrowing rate by 50 bps. To be sure, it was an aggressive start and underscored the Fed’s concerns surrounding employment, in contrast to its sanguine views on inflation.
After the Nov’24 Brent futures contract came off yesterday evening following the Fed’s 50 bps rate cut, flat price strengthened his morning, trading at $73.94/bbl at 07:00 BST and moving up to the $74.35/bbl handle at 11:30 BST (time of
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 Nov’24 Brent Futures contract was volatile this afternoon, trading at $72.77/bbl at 12:00 BST and oscillating up to a high of $73.85/bbl around 16:20 BST before correcting to the $73.15/bbl handle by 17:00 BST (time of writing). This volatility
Nov’24 Brent Futures flat price declined this morning from $73.27/bbl at 07:00 BST down to $72.65/bbl handles at 11:20 BST (time of writing). Crude prices fell alongside API estimates showing an unexpected increase of 1.96 mb in US crude oil
Nov’24 Brent Futures flat price rallied from $72.59/bbl at 12:00 BST up to $74.20/bbl handles at 17:45 BST (time of writing). In the news today, Venezuela’s largest oil refinery, the Amuay refinery, has been reported as offline since 12 Sep
September has been a month of many firsts in Brent futures: for one, the benchmark crude futures contract collapsed below $70/bbl on 10 Sep for the first time in three years. Soon after this feat, ICE COT data for the
The gasoline market has reached a bottom and has begun stabilising due in part to Hurricane Francine, which caused little damage, but the headline was enough to prompt some buying, it seems. Gasoline continued to drive poor sentiment in refinery
