The Jan’25 Brent futures contract saw consistent strength this afternoon, ultimately increasing from $74.60/bbl at 12:00 GMT to $75.30/bbl at 17:40 GMT. Crude oil prices rallied from around $73.40/bbl at 13:50 GMT up to $75.92/bbl just after 16:00 GMT as the market reacted to increasing threats to US Gulf Coast oil production from Hurricane Rafael and US President Trump’s election victory. A build of nearly 2.15mb compared to an expected 1.8mb in US crude oil inventories for the week to 01 Nov, announced in EIA data released at 15:30 GMT, led to a 40c drop to $74.95/bbl but otherwise had ...

See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as six contracts to watch for the week ahead. Click on the relevant button below to access your COT report.

The Jan’25 Brent futures contract strengthened this morning from $74.30/bbl at 07:00 GMT up to $74.58/bbl at 10:50 GMT (time of writing). Price action was choppy this morning as traders adjust their positions in light of US President Trump’s victory in the US election. At the time of writing, Trump holds 277 of the 270 electoral votes required to win, while Harris holds a total of 224. In addition, prices were pressured by a much higher than expected 3.13mb build in US crude oil inventories, according to API data for the week to 01 Nov. In the news today, Iran’s ...

The key detail this fortnight has been the dichotomy between the Bal-Nov/Dec'24 and the Dec/Jan'25 Brent/Dubai boxes. The Balmo box initially saw trade house and producer selling, taking it down 12c d/d at the start of November to $0.15/bbl.

Jan’25 Brent futures flat price saw further support this afternoon, increasing from $75.35/bbl at 12:00 GMT up to $75.95/bbl at 17:30 GMT, before falling to $75.50/bbl around 18:00 GMT (time of writing). Crude oil prices were supported amid potential short covering and rebalancing of portfolios ahead of the US election, in addition to a sustained market reaction to OPEC delaying their December production hike until January. In the news today, Iranian crude oil supplied to China has reached its most expensive price in five years, with the discount of Iran Light crude to ICE Brent narrowing to below $4/bbl from ...

Over the past week, the Dated Brent market has been undoubtedly bullish as physical differentials rose from $0.28/bbl to $0.55/bbl between 28 Oct to 4 Nov. Petroineos have been consistent bidders, whilst Geneva-based trade houses were bidding Forties, lending support to near-term physical demand. Brent's flat price has been buoyed by OPEC+ delaying plans to increase output, which has also lent support to Brent spreads. In addition, rising gasoil prices have improved refinery margins, providing a more supportive backdrop for crude. The Nov'24 DFL has risen from $0.30/bbl to $0.50/bbl w/w, while deferred spreads have largely corrected higher after initially ...

The Jan’25 Brent futures contract saw strength this morning, trading from $75.05/bbl at 07:00 GMT up to $75.39/bbl at 10:45 GMT (time of writing). Crude oil prices have been supported amid potential for Hurricane Rafael to disrupt 4mb/d of oil production in the US Gulf Coast, according to Reuters. In the news today, Russian oil and gas revenue has jumped 57% m/m in October to $12.35 billion, as per Russian finance ministry data. Meanwhile, a Bloomberg report shows Russia’s seaborne crude weekly exports for the week to 3 Nov dropped by 530kb/d, the biggest decline since early June. This ...

The Jan’25 Brent futures contract initially saw weakness this afternoon, trading from $75.25/bbl at 12:00 GMT down to $74.30/bbl around 15:50 GMT, before recovering to $75.15/bbl at 17:45 GMT (time of writing). Despite profit-taking flows, prices overall have been supported following the OPEC+ decision to delay a production hike for another month. In the news today, according to a Reuters survey, OPEC oil output was up 195kb/d in October m/m, with Libya posting the largest gain of up to 400kb/d. Crude oil production in Venezuela reached 860kb/d, the highest since at least 2020, while Iraq cut crude oil output ...