
NYMEX CFTC Report – Risk On, Risk On, Bearish
In the week to Mar 26, speculative players adopted a more risk-on approach in WTI futures.
In the week to Mar 26, speculative players adopted a more risk-on approach in WTI futures.
Technical indicators for June revealed a week of softening prices in a risk-off attitude across the product groups.
Credit Agricole announced its decision to abstain from providing financing to two significant LNG projects. This move reflects the bank’s dedication to refraining from supporting new fossil fuel developments…
The Jun Brent futures contract strengthened back into $86 territory this morning and stands at $86.40/bbl as of 13:05 GMT (time of writing).
Brent futures this week took us on a journey up and down, and currently stand slightly elevated to levels seen at the start of the week.
ONYX CFTC PREDICTOR – 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.
June Brent futures flat price rose gently overnight but failed to pass $86/bbl, leaving it trading around $85.75/bbl at 0640 GMT (time of writing).
The Brent futures flat price for the Jun contract initially dropped to $84.97/bbl briefly at 12:45 GMT before recovering its losses and reaching a high of $85.51/bbl at 15:15 GMT and then retraced to $85.12/bbl by 17:15 GMT.
The LST/FEI arb firmly rebounded over the fortnight and rallied almost $40/mt to -$160/mt handles come Mar 24. On the other hand, the May FEI/CP diff witnessed incredibly bearish tides with an overarching CP complex relative to FEI.
The Brent futures flat price for the June contract has been retracing downward this morning, reaching a low of $84.59/bbl by 09:00 GMT with a recovery to just over $85.00/bbl by the time of writing (10:00 GMT).
The Brent futures flat price for the Jun contract took a small downturn to reach a low of $85.45/bbl at 14:35 GMT. However, the contract managed to regain some strength retracing to above the $86.00/bbl mark by 15:50 GMT, yet,
This fortnight in the Dubai market, we see the market once again tied to ranges.
With maintenance barrels being priced, the North Sea crude market saw an incredibly bearish week in the prompt as physical differentials surged below $0/bbl into the end of last week…
This past fortnight has seen a generally weaker naphtha complex in both regions, yet, more exacerbated in the East, as Apr E/W fell to single digit figures.
The Brent futures flat price for the June contract has had a rangebound morning. Price action saw a small surge reaching $86.23/bbl at 09:15 GMT, before coming back down to just below the $86/bbl mark by the time of writing
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