Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
The Dated market has seen a supported fortnight, with the soon-to-be Bal Oct’24 DFL rallying from a small contango on 10 Sep to nearly hitting $1/bbl by 23 Sep before softening to $0.65/bbl the following day (at the time of
Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in Brent/Dubai, Eastern MOPJ naphtha, and Sing 92 gasoline swaps.
Nov’24 Brent futures contract found strong support this morning, trading at $74.70/bbl at 07:00 BST and reaching $75.86/bbl at 11:20 BST (time of writing). In the news today, Iran’s President Masoud Pezeshkian declared that he does not want to enter
After sideways price action this afternoon, Nov’24 Brent futures contract gradually fell from $74.69/bbl at 12:00 BST down to $73.16/bbl at 17:25 BST (time of writing). In the news today, China’s Russian oil imports have jumped 25.6% m/m in August
The naphtha market has witnessed remarkable strength on a crack basis into the new month, with the softness in naphtha offset by a weaker Brent futures complex in Northwestern Europe and Asian markets. For instance, while the Oct’24 NWE crack
The Nov’24 Brent future has seen strength in the week but failed to hold for long above $75.00/bbl. The main bullish driver for the week seemed to be the 50bp interest rate cut in the US, although the flaring up
Money managers were risk-off in the benchmark crude oil futures over the week ending 17 Sep.
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.
