Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
The prompt Brent futures contract has seen a mixed morning, initially trading sideways around $87.25/bbl before surging upwards to peak at $88.19/bbl at 08:30 BST and subsequently correcting back down to $87.07/bbl at 10:00 BST…
The Jun Brent futures contract continued to see choppy price action into the afternoon, predominantly oscillating within the range of $85.95/bbl and $86.80/bbl.
Technical indicators show that Brent futures saw RSI correct from the overbought territory whilst the Bollinger bands have maintained their width despite lower price action, indicating consistent volatility levels.
For the week to Apr 16, we saw contrasting positions adopted by money managers across the two benchmarks.
The Brent futures flat price for the prompt contract has witnessed a mixed morning. Price action initially fell around $1 to lows of $85.81/bbl at 08:20 BST, before recovering to print at $86.72/bbl at 10:55 BST.
The Jun Brent futures flat price witnessed a sharp rally last Friday (April 19), surging back into the $90/bbl region before easing off to $87.20/bbl handles the following evening.
Prompt Brent futures flat price has witnessed a quieter afternoon period, albeit a stronger one as prices have risen by around $1. Price action fell to lows of $86.22/bbl at 12:15 BST, but at this level participants were happy to
This fortnight in HSFO saw incredible bearishness in Europe turn to bullish sentiment amid a news on a reinstatement of sanctions on Venezuelan crude.
Jun Brent futures flat price witnessed another bout of volatility overnight with price action rallying from below $87/bbl at 01:25 BST to $90.55/bbl at 03:45 BST before ultimately easing off to $86.75/bbl come 11:10 BST
Prompt Brent futures flat price has witnessed a mixed afternoon period. Prices initially rebounded from low $86/bbl lows in the morning to reach $87.64/bbl at 14:00 BST.
Last week ended with Brent finally breaking into $91/bbl and briefly hitting $92/bbl as the world grappled with the eventuality of Iran striking Israel, following an attack by Israel on Iran’s embassy in Damascus.
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
The prompt Brent futures contract has seen a retracement downwards this morning to $86.35/bbl at 10:35 BST.
Jun Brent futures flat price remained rangebound around $89.50/bbl until 13:15 BST today, following which the contract sold off and reached $87.60/bbl come 17:20 BST (time of writing).
The prompt Brent futures contract saw a quiet start to the morning before experiencing a retracement downwards, from $89.82/bbl at 09:15 BST down to $89.06/bbl at 10:15 BST.
