Swing Low, Sweet Crude Brent crude futures suffered a major sell-off amidst mounting recession fears in the US, as the front-month October contract fell to the $75/bbl level on 5 August (at time of writing). The catalyst was Friday’s nonfarm
Prices have fallen in the Oct’24 Brent futures, ICE LS gasoil futures and RBOB gasoline futures contracts in the week ending 05 Aug. While open interest has been on an uptick in gasoil and RBOB, Brent saw more de-risking into August.
The Oct’24 Brent futures contract softened this morning, falling from above $77/bbl around 05:30 BST to $76.65/bbl around 08:35 BST.
Long Sep/Oct 3.5% Barge On Friday we saw Sep/Oct hit the lowest price it has been since January this year. Looking at the Onyx CoT data the RSI has crept into the oversold territory at 33.
The October Brent futures flat price has been decimated this afternoon, falling from $79.70/bbl at 12:10 BST to a low of $76.75/bbl at 15:40 BST, before it retraced marginally up to $76.90/bbl by 17:30 BST (time of writing).
ExxonMobil and QatarNergy are delaying the start-up of their $10bn joint venture Golden Pass LNG export project in Texas to late 2025 from 1H25 after work at the facility stalled following the bankruptcy of the lead contractor. Zachry Holdings.
We expected the now-prompt October’24 Brent futures contract to trade between $78-80/bbl at the end of the week. In line with this forecast, the benchmark futures contract sits at $79.90/bbl as of 10:00 BST on Friday. As we recap what
The Oct’24 Brent futures contract witnessed a morning of two halves. We initially saw the benchmark crude futures contract firm up to $80.40/bbl at 09:00 BST but saw these gains fade amid a sell-off to $79.75/bbl as of 11:20 BST (time of writing).
The Paris Olympics are in full swing, with Celine Dion’s opening ceremony rendition of ‘L’Hymne à l’amour’ proving to be an even greater performance than that of European propane this week…
The October Brent futures flat price continued to trade at the elevated $81.50/bbl level before sharply declining at 15:00 BST by over $1/bbl before finding support in the low $80s, printing $80.17/bbl at 17:20 BST (time of writing)….
