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.
The North Sea Dated Brent physical differential saw great support at the start of March, rising from 0c on 28 Feb to 85c/bbl on 04 Mar, this time last week. Since then, there the differential has been implied quite stably,
The May’25 Brent futures contract is on track for a daily gain, although it failed to maintain the strength from this morning, dropping from $70.20/bbl at 12.00 GMT to $69.60/bbl at 17.30 GMT (time of writing). The EIA now forecasts
The naphtha market has had a fortnight of two halves. The Apr’25 NWE naphtha crack weakened from an intraday high of -$2.46/bbl on 26 Feb to -$3.55/bbl on 4 Mar. Following this weakness, the contract rallied to -$2.55/bbl at the
Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in gasoline, VLSFO, naphtha, and middle distillate swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and
The May’25 Brent futures contract saw strength this morning, increasing from around $69.20/bbl at 0500 GMT up to $70.05/bbl at 1030 GMT (time of writing). There was bullish sentiment in crude oil prices this morning, in part aided by weakness
The May’25 Brent futures contract weakened from this afternoon’s high of $70.85/bbl at 1230 GMT down to $69.30/bbl at 1745 GMT (time of writing). Bearish sentiment surrounding the April OPEC+ output hike has kept crude oil prices pressured, in addition
The M1 Brent futures contract has been under pressure since mid-January, from over $82.00/bbl on 16 Jan to open and close below $70.00/bbl on 06 Mar. This is the first time we have seen this since 01 Dec 2021. This
In the week ending 04 Mar, combined open interest (OI) across both Brent and WTI futures decreased for the first time in a month, declining by 17.7mb (-0.4%) w/w. We have continued to see traders deleveraging across the crude benchmarks,
Uncertainty is the Only Certainty The front-month Brent futures contract fell from an open of nearly $73/bbl last Monday to an intraday low of $68.30/bbl on Wednesday. While prices found support there, they oscillated between $68 and $72/bbl for the
The May’25 Brent crude futures bounced above $70/bbl on Monday morning, reaching a high of $70.67/bbl at 09:51 GMT, and trading at $70.40/bbl by 10:45 GMT (time of writing). As the market contends with bearish factors, including tariff uncertainty and
This afternoon, the May’25 Brent futures contract initially strengthened up from $70.30/bbl at 1230 GMT up to $71.40/bbl at 1530 GMT. However, these gains reversed, falling to $70.25/bbl at 1740 GMT (time of writing). Crude oil prices found support after
Brent crude futures are on track for another weekly loss. At the start of the week, we forecast the front-month Brent to be trading between $70-73.00/bbl, and Brent is supported above $70.50/bbl at the time of writing. Supply developments and
The Apr’25 TTF futures contract fell to its lowest level in five months this week, declining from €47.40/MWh on 21 Feb to an intraday low of just over €36.50/MWh on 7 Mar. The contract met support here and climbed to
The May’25 Brent futures contract climbed from $69.55/bbl at 06:55 GMT to $70.65/bbl at 10:55 GMT (time of writing). These gains may have come from players unwinding short risk ahead of the weekend due to rising uncertainty in the market
The May’25 Brent futures contract declined from $69.85/bbl at 1230 GMT down to $68.75/bbl at 1640 GMT, however, has found support up to $69.45/bbl at 1810 GMT (time of writing). This afternoon saw a spike in crude oil prices at
