Off the back of another tense week with the recent attacks by Iran on Israel, Greg, Jorge, James and Martha discuss the impact (or, lack thereof) the event had on oil prices. As a bonus for this episode, Jorge and Martha will provide a trade idea each!
There was a muted response for Brent futures, with prices oscillating around $90/bbl, opening on Monday at $90/bbl and closing at $90.50/bbl. Looking at the CFTC report, the market is quite long – especially by managed by money players.
The refinery margins have increased week on week, but mostly due to a weakened dated crude market. Gasoline continues to rally after a bit of a dip last week. The European gasoline market seems stubbornly long.
James’ one to watch this week is the continued dollar strength and higher U.S. yields – which are breaking equity market momentum, with gold making continued new all-time highs.
Aside from the major story of the Iran retaliation attack on Israel, in our Googling Oil segment, the team discus the new regulations in Nigeria which will require oil producers to sell crude to domestic refineries.
Martha’s trade idea this week is propane – selling the LST/FEI in May. Jorge also shares his trade idea, the WTI to Dubai Spread – which Jorge thinks will widen as Dubai crude powers ahead in Asia.