Reports

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Naphtha & Gasoline reports

Please note that these reports will now be published every Thursday.

Overnight & Singapore Window: Brent Sub-$65.00/bbl

The Jul’25 Brent futures reached over $65.30/bbl at 09:40 BST before softening to $84.85/bbl at 10:55 BST (time of writing). President Trump criticised Vladimir Putin following a record wave of Russian attacks on Ukraine, saying, “He has gone absolutely CRAZY!”

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European Window cover

European Window: Brent Rallies $65.01/bbl

The Jul’25 Brent futures contract initially dropped from $64.58/bbl down to $63.41/bbl at 13:10 BST. Prices then rallied all afternoon to $65.01/bbl but slightly came off to $64.72 at 17:15 BST (time of writing). In the news, US President Donald

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Fuel Oil report cover

Fuel Oil Report – High Sulphur Slips Lower

High Sulphur Fuel Oil contracts saw their huge rally come to an end this fortnight, and prices in both curves have softened over the past week. The Jun’25 3.5% barge rose to above flat, and was bid at +10c/bbl on

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European Window cover

European Window: Brent Above $64.00/bbl

The Jul’25 Brent futures contract saw prices rally all afternoon to $65.95/bbl at 17:35 BST before falling off to $64.42/bbl at 18:00 BST (time of writing). In the news, Indonesia is questioning a number Singapore-based trading firms as part of

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Trader Meeting Notes

Trader Meeting Notes: Big, Beautiful Brent

It’s been a remarkably flat week in Brent. Jul’25 is around $64.00/bbl at the time of writing on 22 May, almost exactly where it was this time last week. But what has changed? It feels like a lot has changed.

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CFTC Weekly cover

CFTC Predictor: Bulls Double Down

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

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Naphtha report

Naphtha Report: East/West Heads North

This fortnight, the naphtha market saw greater weakness. NWE naphtha cracks and spreads saw notable weakness through May. The Jun’25 crack fell from -$2.65/bbl on 8 May to -$3.90/bbl by 22 May, erasing earlier gains and dropping below 2018 and

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Overnight & Singapore Window: Brent Falls to $63.87/bbl

The Jul’25 Brent futures contract fell from $65.03/bbl to $63.69/bbl at 08:14 BST. Prices slightly recovered to $63.87/bbl at 11:25 BST (time of writing). In the news, OPEC+ is discussing a potential oil production increase of 411kb/d for July, Bloomberg

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LPG Report: Uncertainty is the Only Certainty?

The Jun’25 Mont Belvieu TET propane (Energy Transfer) contract, C3 LST, initially climbed this fortnight amid support in LST spreads and buy-side interest in the C3 LST/FEI arb. However, price action has since been stagnant, declining from 79.50c/gal on 14

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European Window cover

European Window: Brent Falls to $64.97/bbl

The Jul’25 Brent futures contract initially climbed to $66.30/bbl at 13:16 BST but retreated throughout the afternoon to $64.97/bbl at17:30 BST (time of writing). In the news, the EIA reported that US crude and fuel inventories unexpectedly rose last week.

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Dubai Market Report – Where’s the Flow?

In our previous report, we anticipated a prolonged period of de‑risking in the Brent/Dubai complex, with prices oscillating within a broad band, and that’s exactly what we’ve seen. Over the past fortnight, the Jun’25 Brent/Dubai crack traded between -$0.25/bbl and

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Technical Analysis report cover

Technical Analysis Report: Flatlining?

M1 Brent futures consolidated this week, seeing resistance at $66.80/bbl on 13 May. The contract failed to close below the 20-day moving average (white line) and saw support at around $63.45/bbl on 15 May. The 9-day moving average has acted

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