We continue to see strength across the naphtha complex, although we appear to now be approaching the dangerous realm of potential buy-side saturation with rising selling in naphtha cracks in Europe, alongside selling in the E/W.
Despite bearish fundamentals in the broader crude market, Dated Brent saw a supported performance with the physical differential maintained above $1/bbl. This comes on the back of supply tightness out of the US and aggressive physical buying from Chevron and Equinor, implying prompt tightness.
With another week comes another selection of new trade ideas by Onyx Research. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft methods on Onyx Commitment of Traders (COT) and Flux Financials data.
The soon-to-be-prompt October Brent futures contract firmed up to $79.15/bbl around 09:30 BST before softening to $78.80/bbl at 10:05 BST….
Short Aug 380 E/W -Since last week the E/W has been climbing on the back of the strengthen Asian Fuel Oil. The physical arb is open and we expect Euro prices to start to rise, so this trade idea is
The October Brent futures flat price has significantly weakened this afternoon following an initial period of strength.
We saw softer prices for the October Brent futures, ICE gasoil futures and US RBOB gasoline futures this week…
It has been an unusual year for the oil market. Gasoline, usually a blessing for sentiment in the summer, has been lacklustre throughout June and into July. On the other hand, wintertime performers like propane and butane have seen incredible
It was a risk-off week in the global crude benchmarks as money managers reduced long positions and added short positions. Preceded by five consecutive weeks of increases, long positions declined by 46.9mb (-8%). Meanwhile, short positions increased by 12mb (+8%). As a result, net positioning fell by 59.0mb (-13.8%), the largest rate in two months, while the long:short ratio fell from 4.03:1.00 to 3.41:1.00. The rate of sales was fuelled by the reversal of sentiment in WTI futures following the expiry of the Aug’24 contract. Global crude oil flat prices came off last week, with Brent crucially finding support at the $80/bbl level.
The October Brent futures flat price contract climbed to $80.85/bbl around 07:35 BST but simmered off $80.05/bbl at 10:40 BST. The benchmark crude futures contract found support at this level and currently sits at $80.20/bbl at 11:25 BST (time of writing).
