Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
The Dated market has retained its strength well; although there was some weakness from a sell-off in a flat price. There is good buying in CFDs and rolls from trade houses, although liquidity can be thin.
With another week comes another selection of new trade ideas by Onyx Research. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft methods on Onyx Commitment of Traders (COT) and Flux Financials
The September Brent futures contract has witnessed a weaker morning amid the flat price, falling from above $84.50/bbl at 06:45 BST to $84.10/bbl as of 11:30 BST (time of writing). Sentiment likely remains pressured following the poor Chinese economic data
With European VLSFO in backwardation in the prompt months, physical traders will note that the arb is open and we should see VLSFO from Europe start to flow to Asia.
The September Brent futures flat price has had a fairly flat afternoon, with the exception being its dip to just below $84.50/bbl from $85.10/bbl between 14:30 BST and 14:45 BST.
Technical indicators showed the major futures contracts softening, with the RSI for ICE gasoil and Brent neutral and the RSI for RBOB dropping out of the overbought territory as gasoline traded extremely flat in the week.
Brent crude futures opened on Monday morning and has traded rangebound around $85/bbl in its Sep’24 contract.
Long Aug/Sep 380 China’s average daily oil refining throughput slowed in June, a third month of declines, after more domestic plants shut their operations for maintenance. The Asian nation processed 58.32 million tons of crude last month, 4.3% lower than
In the week ending 09 July, managed-by-money participants took a risk-on approach to the benchmark Brent and WTI crude oil futures, adding a combined 13.5mb (+2.47%) to their long positions and a 1.6mb (+1.35%) to their short positions
The September Brent futures contract saw weakness early this morning, falling to $84.75/bbl at 08:40 BST. Since then, the Sep flat price found support and rallied to $85.10/bbl as of 11:20 BST but fell again to $84.95/bbl as of 11:30
The September Brent futures contract fell to $84.75/bbl at 14:40 BST, following which it climbed to $85.50/bbl at 16:10 BST and ultimately softened to $85.20/bbl at 17:20 BST (time of writing).
The HSFO complex saw a reasonable amount of strength this week, which was disproportionately focused in Asia, causing the 380 E/W to rally aggressively, with the Aug contract rising from $13/mt to $21/mt.
Long Aug TA Arb @ 9.90c/gal After the recent sell off in the front TA Arb we have started to see some support at these levels and expect buyside interest to enter the market.
TARGET: $86.00/bbl – $88.00/bbl PRICE: $86.10/bbl Party in the USA? Brent appears confident to break a four-time streak of ending the week stronger than where it began, amid a fall from last week’s rally to a four-month high. Despite this,
The September Brent Futures contract has seen a weaker morning, trading down from $85.77/bbl at 07:00 BST to a low of $85.20/bbl at 10:20 BST, before retracing upwards to print at $85.33/bbl at the time of writing (11:30 BST). In
