Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.

Dated Diminuendo: Dated Brent Report

3 min read

‘Strong Brent expiry to give bulls false hope’ or so the meme goes. Immediately following expiry, the North Sea market saw a dramatic capitulation as the physical turned offered, collapsing to -83c/bbl in a week, the lowest level since January 2023. Weaker demand and poor refinery margins rein over as the bears are fully in control. Gasoil remains in the gutter, and it was now EBOB’s turn to be the weak link. Strength from April failed to hold, and Gunvor, the main buyer in April, suddenly flipped sell-side. The cargoes were numbering over a dozen, and they struggled to clear, reflecting poor demand. In futures, we also had a saturated long market and the geopolitical risk premium was discounted. Amid fundamental and macroeconomic headwinds during the bull play of April, the market lost all hope once Gunvor did a 180, selling Forties and Midland. 

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.