Reports

Industry-leading market insights. Get daily, weekly and monthly reports from Onyx Research, featuring expert analysis and interactive graphs. ​

Naphtha & Gasoline reports

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

Onyx Alpha report cover

Onyx Alpha: Gearing up for Summer

Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in naphtha, gasoline and gasoil swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft

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Naphtha report

Naphtha Report: Hitting a TOP-J?

The naphtha market flipped to seeing support following 10 Apr, with the front-month (May’25) NWE naphtha crack rallying from -$4.80/bbl on 8 Apr to -$3.35/bbl at the time of writing on 28 Apr. The soon-to-be M1 Jun’25 NWE crack climbed

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Overnight & Singapore Window: Brent Falls to $65.48/bbl

The Jun’25 Brent futures contract saw prices initially rally to $67.34/bbl at 07:12 BST before falling off to $66.48/bbl at 11:30 BST (time of writing). In the news, uncertainty over US-China trade talks and potential OPEC+ supply increase weighed on

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CFTC Weekly: Cautiously Bullish

In the week ending 22 Apr, the benchmark crude futures contracts (Brent + WTI) witnessed a bullish shift in sentiment, following two bearish weeks. Long-positioned money managers added a total of 21.6mb (5.55% w/w). At the same time, short-positioned players

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European Window cover

European Window: Brent Rallies to $66.86/bbl

The Jun’25 Brent Futures saw prices slowly rally from $65.57/bbl at 12:30 BST up to $66.86/bbl at 18:32 BST (time of writing). In the news, US refiner Phillips 66 reported a larger-than-expected first-quarter loss due to lower refining margins and

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Fuel Oil report cover

Fuel Oil Report – Positively Cracked

High Sulphur Fuel Oil contracts saw continued strength over the past two weeks, reinforcing the market’s bullish attitude towards summer demand. The prompt 3.5% barge crack rallied up to -$1.25/bbl, while the 380 East/West (Sing 380 vs 3.5% barges) surpassed

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Overnight & Singapore Window: Brent Below $66.00

The Jun’25 Brent futures contract saw prices fall off from $67.00/bbl at 07:02 BST down to $65.92/bbl at 11:38 BST (time of writing). In the news, the US Interior Department has introduced new rules allowing greater pressure differences in offshore

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European Window cover

European Window: Brent Climbs Back to $66.52/bbl

The Jun’25 Brent Futures contract saw prices rangebound between $67.00/bbl and $66.50/bbl for most of the afternoon before falling off to $65.95 at 17:09 BST. Prices have since climbed back to $66.52/bbl at 17:43 BST (time of writing). In the

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Trader Meeting Notes

Trader Meeting Notes: OPEC-alypse Now

The price volatility noted in the front-month Brent futures contract has calmed this week, with prices moving sideways. We saw some weakness on 23 Apr following reports of several OPEC+ members suggesting a second consecutive accelerated oil output increase in

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European Window cover

European Window: Volatile Brent

The front-month Brent futures contract saw a very volatile afternoon. Prices fell by $1.96/bbl down to $65.50/bbl at15:16 BST and jumped back up to $66.74/bbl at 17.30 BST (time of writing). The nearly $2.00/bbl drop comes as Kazakhstan stirs tensions

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European Window cover

European Window: Brent to $68.00/bbl

Jun’25 Brent futures softened in the early afternoon to sub-$66.70/bbl at 14:56 BST before it saw better strength. Although highs of over $68.00/bbl at 17:15 BST failed to be maintained, the contract corrected to $67.90/bbl at 17:22 BST (time of

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Dubai Market Report – Back to Basics

The Brent/Dubai complex saw a bullish shift with May’25 Brent/Dubai surpassing -$1/bbl for the first time since mid-March. In contrast to flat price, differentials were unresponsive to OPEC+ speeding up its oil output hike. The bullish catalyst was Aramco cutting

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