Naphtha & Gasoline reports
Please note that these reports will now be published every Thursday.
A bullish week for Brent futures, as consecutive higher closes saw the M1 surpass $65/bbl. On the upside, a few obstacles stand in the way. Initial resistance may be found at $68.50/bbl, aligning with the 23 April high, early March
The North Sea crude market is mired in weakness, with bulls absolutely nowhere to be seen. WTI Midland cargos have been flooding the market, courtesy of Gunvor, and if this rate continues, they could single-handedly erase the US’s trade deficit.
The Jul’25 Brent futures contract saw prices fall from $65.10/bbl at 08:30 BST to $64.75/bbl at 09:30 BST. Prices have since rallied to $65.48 bbl at 11:52 BST (time of writing). In the news, Norway’s oil industry and labor unions
The Jul’25 Brent futures contract saw prices initially continue rallying up to $66.37/bbl at 12:56 BST but have been falling ever since, down to $65.11 at 17:25 BST (time of writing). In the news, the US House Energy and Commerce
Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in fuel oil and light ends swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven
The past two weeks have seen gasoline well supported as supply-side issues continued. Dangote’s production problem with the RFCC has yet to be solved, and there have been problems in US-based refineries too, over this time. EIA inventory stats posted
In the week ending 6 May, managed-by-money players were risk-on in the benchmark crude futures contracts (Brent + WTI), adding a combined 6.9mb (+1.7%) to their cumulative Brent and WTI longs while adding a more substantial 28.8mb (+17%) to their
The Jul’25 Brent crude futures concluded bullishly last week, fuelled by positive developments in US trade talks and further sanctions on Iranian oil. As of Monday morning, prices have recouped previous losses and surpassed $65/bbl, a two-week high. This week,
The Jul’25 Brent futures contract saw prices fall from $64.14/bbl at 13:32 BST down to $63.19/bbl at 15:14 BST. Prices have since slowly rallied to $63.70/bbl at 17:45 BST (time of writing). In the news, Iran has agreed to resume
High Sulphur Fuel Oil contracts saw continued strength over the past two weeks. The Jun’25 3.5% barge crack saw a strong rally in April, peaking above -90c/bbl before consolidating around -$1.55/bbl by 09 May. Open interest is elevated, 7% above
The Jul’25 Brent futures opened just below $63/bbl overnight Friday before gradually rising to $63.25/bbl by 07:30 BST (time of writing). Markets have been fairly bullish this week from optimism for easing trade tensions between China and the US, as
The Jul’25 Brent futures contract saw prices continue rallying up to $62.90/bbl at 16:59 BST (time of writing). In the news, the US and UK have agreed on a deal to lower tariffs on some goods. Key points include: cars,
Prompt Brent futures dropped sub-$60/bbl this week after OPEC+ decided to increase oil production hikes for a second consecutive month, raising output in June by 411kb/d. There was no OPEC-mageddon, and the market absorbed the news pretty well, for the
The Jul’25 Brent futures contract fell off this morning to $61.17/bbl at 07:34 BST. Prices then rallied to $61.96/bbl at 11:32 BST (time of writing). In the news, Chinese President Xi Jinping arrived in Moscow for talks with President Vladimir
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
