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Brent sees Volatility around $84/bbl 

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The Brent Futures contract has seen a mixed morning, rising from high $83/bbl levels in the early morning to peak at $84.33 at 9:06 BST, before retracing and eventually settling around $84.18 at 10:20 BST. In the news today, Chinese crude oil imports saw a 5.45% increase in April compared to the corresponding period last year, likely driven by refiners’ efforts to stockpile ahead of the five-day Labor Day weekend starting on May 1, as per China’s official statistics. Last month, Chinese refineries imported 10.88 mbpd of crude, a rise from 10.4 mbpd in April 2023, according to data from the General Administration of Customs cited by Reuters. In March, Chinese crude imports dropped by 6% year-on-year to 11.55 mbpd, although this was 6.2% lower than the March 2023 volumes, which surged during China’s recovery from eased Covid-related restrictions. March’s imports surpassed the January-February average, contributing to a 0.7% increase in Chinese crude imports during January-March 2024. In other news, committed shippers have secured space for 80% of Canada’s new 590 kbpd Trans-Mountain pipeline, which commenced commercial operations last week, with the remaining 20% still open for spot shipments. Canada produced 4.9 mbpd of oil in 2023, of which a record 4.5 mbpd came from Alberta; thanks to TMX, the industry now has nearly 5.3 mbpd of pipeline capacity, according to Canada Energy Regulator. The front and 6-month Brent futures spreads are at $0.62/bbl and $3.56/bbl, respectively. 

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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.