Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
A Glimmering Summer Hope – Outright prompt month Brent has been resilient this month, with longs selling out of contracts in all major futures and building up a net short position from Money Managers.
The Aug Brent Futures flat price fell off a cliff this afternoon, dropping to levels not seen since early February. Having remained comfortably above $81/bbl until 13:40 BST, the prompt contract collapsed over the following three hours to hit a
Onyx is delighted to welcome Harry Tchilinguirian as Group Head of Research. With an illustrious career spanning over three decades in research within the commodity markets, there is nobody better equipped to take on the unique and specialised role as
For the week to May 28, we saw differing positions adopted by money managers, whilst prod/merc players were similar in their risk-on sentiment across the two benchmarks.
Technical indicators showed all products seeing volatility decreasing in the week, with the Bollinger bands narrowing.
Over the weekend, OPEC+ announced the extension of their oil production cuts into 2025, with the possibility of unwinding voluntary cuts from October 2024.
The August Brent Futures flat price saw a rangebound morning trading in a tight range between $80.80/bbl and $81.50/bbl. As at 11:25 (time of writing) it is on a slight downward trend at $80.95/bbl.
Trade Idea 1: Long Jul TA Arb A closed transatlantic arb currently should be putting pressure on NYH prices to increase relative to Europe to incentivise more bbls moving. Although there are multiple ways the physical arb can open back
The August Brent Futures contract saw a weak afternoon where prices initially saw strength rallying to an intraday high of $82.62/bbl as of 14:00 BST. Yet, after this initial strength, we saw a continuous tumble throughout the afternoon down to
Muted flows were seen in Eastern HSFO with 380 cracks in a range whilst Europe found support amid the front spread exiting contango territory.
The Aug Brent Futures flat price has seen a slight uptick this morning following some choppiness. The contract rose from $81.70/bbl at 06:45 BST to a high of $82.20/bbl at 10:25 BST, before rapidly dropping to $81.60/bbl by 10:45 BST.
Short Jul 0.5% Sing Crack We have seen an increase in fuel oil inventories in Singapore this week due to lower demand and good supply coming from the Middle East. Looking at the Onyx CoT the market position has been
The August Brent Futures contract saw a volatile afternoon, rising to a peak of $83.40/bbl at 12:30 BST before prices fell to $82.60/bbl at 14:15 BST and subsequently oscillated between $82.30/bbl and $83.20/bbl later into the afternoon, printing at $82.22/bbl
This week will see OPEC+’s meeting on Sunday, June 02, which has already seen key market players make various notable moves. In anticipation of the meeting, the four-week average amount of crude exports coming From Russia With Love have declined
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
