Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
Despite the vanishing trading volumes amid 26 Aug’s UK public holiday, the beginning of the week has been anything but quiet in Brent futures.
The international naphtha market continued to see shocking strength unfold. There has been decent buying in the NWE naphtha spreads, compared to the likely profit-taking flow in the East, although both markets have been quite quiet in the fortnight. Weaker
The October Brent futures flat price suffered a setback on Tuesday afternoon as its sell-off accelerated following the US open. Price action fell from the $81/bbl level at 12:00 BST to lows of $79.63/bbl by 17:25 BST (time of writing).
Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in Dated Brent, Gasoil and Naphtha. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft
The October Brent Futures contract saw a weaker morning, trading from $81.60/bbl down to a daily low of $80.59 before rallying back up to $80.95/bbl, where it trades at the time of writing (11:20 BST). In headlines, Russia launched approximately
We expect Nov’24 Brent futures to end the week trading between $78/bbl and $82.00/bbl in what continues to be a range-bound market, albeit the range is likely to be slightly wider than in recent weeks. Given the excitement around the
The bullish sentiment in crude was short-lived as money managers reverted to getting shorter in the crude futures benchmarks in the week ending 20 August. Sentiment in crude futures has become increasingly bearish on a combination of factors. The geopolitical
Last week, Brent futures slipped in the first half of the week and the market priced in an Israel-Hamas ceasefire, which did not materialise. Prices were then supported as the Fed meeting in Jackson Hole some dovish hope into the
Following a relatively quiet overnight session, the October Brent futures flat price spiked above $80/bbl on Monday morning, jumping by 70c in 20 minutes, trading at $80.50/bbl as of 11:20 BST (time of writing).
The October Brent futures flat price rallied into Friday afternoon, climbing by $1 from $78/bbl to the $79/bbl level by 17:00 BST (time of writing). Markets were buoyed by Fed Chair Jerome Powell’s comments, where he stated that “the time
Very low sulphur fuel oil (VLSFO) saw a very strong two weeks, with strength especially prominent in the past week and beginning to soften on 24 Aug.
The Oct’24 Brent futures contract stood around $77.30/bbl early this morning before firming up to $78.05/bbl as of 10:55 BST. However, the contract met resistance here and softened to $77.85/bbl as of 11:15 BST (time of writing).
22 August 2024: 16:30 BST Vitol made Equinor’s dreams come true in the North Sea, with the Nordics finally selling a Sep 11-13 JohanSverdrup at Dated -95c. They’ve been trying to shift the medium sour for days. One could say
The Oct’24 Brent futures contract traded around a range of $76.20/bbl and $76.50/bbl between 13:00 BST and 14:45 BST before strengthening further into the afternoon, firming up to $77.55/bbl as of 17:10 BST (time of writing).
Alexa, play Down by Jay Sean. What goes up must come down, and our old friend Brent Futures is once again staring down at the abyss. The bullish EIA stats reading was the perfect dead cat bounce for longs to
