Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
The July Brent Futures flat price has had a fairly volatile afternoon, rising to a high of $84.40/bbl at 13:05 BST, before sinking between 13:05 BST and 16:05 BST to a low of $83.10/bbl.
Crude prices were humbled this week and came back to earth as traders discounted geopolitical risk whilst macroeconomic headwinds lingered.
Following the significant retracement downwards yesterday, the prompt Brent futures contract has seen a steady morning, opening around high $83/bbl levels and gradually gaining to reach $84.39/bbl, before retracing to trade around $84.16/bbl at 10:00 BST.
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 July Brent futures flat price has had an action-packed afternoon. Having initially found resistance at $85.30/bbl, prices dropped to $84.80/bbl, before immediately rallying to the afternoon’s high of $85.80/bbl. Subsequently, from 15:30 BST onwards, the price collapsed below $84/bbl
The buyside players in previous physical windows were notably absent in the cash on expiry day, showing that the bullish sentiment was just not it.
The July Brent futures flat price reached a peak of $87.75/bbl at 13:45 BST before collapsing to a low of $85.46 at 14:40 BST. Since then it has retraced higher and is currently hovering around $86.20/bbl handles.
EBOB cracks saw a fortnight of two halves with the Jun crack first selling off and then recovering to $23.40/bbl come Apr 29.
The July Brent futures flat price has been well-supported this morning following a rangebound night and a subsequent drop. Between 01:00-06:00 BST prices hovered between $87.00-$87.20/bbl, after which a low of $86.84/bbl was reached at 06:45 BST. Subsequently a rally
With another week comes a fresh slew of trade ideas by Onyx Research.
The July Brent futures flat price has seen a downturn this afternoon, with price action initially rising to $88.20/bbl at 12:50 BST, before dropping as low as $87.08/bbl at 16:00 BST.
For the week to Apr 23, we saw similar positions adopted by bullish money managers across the two benchmarks, whilst their bearish counterparts opposed one another.
Technical indicators show that the July Brent futures contract still trades in the neutral territory although with a low RSI reading and amid narrowing Bollinger bands, signalling limited volatility.
The July Brent futures flat price has seen a slight uptick this morning, with price action initially remaining flat around $87.50/bbl handles between 03:30 and 07:30 BST, before briefly weakening to as low as $87.33/bbl at 07:40 BST. Since then,
Brent crude futures erased last Friday’s gains amid renewed Israel-Hamas peace talks which has moderated geopolitical tensions. The July contract was trading above $89/bbl handles on Friday before gapping below $88/bbl on Monday, trading at $87.50/bbl by 08:30 BST. Following
