Rebalancing in High Volatility We expect Brent prices to remain in the low $80/bbls this week – despite a less saturated buy-side market – because of a slew of refreshed bearish bets from funds and negative net positioning by CTAs.
Technical indicators showed the major futures contracts selling off at the end of last week, highlighting oversold conditions for Brent, ICE LS gasoil and RBOB – based on both the RSI and Bollinger bands for the latter two.
In the week ending 09 July, managed-by-money participants took a risk-on approach to the benchmark Brent and WTI crude oil futures, adding a combined 13.5mb (+2.47%) to their long positions and a 1.6mb (+1.35%) to their short positions
The September Brent futures contract surpassed the $85/bbl handle again this morning, sitting at $85.30/bbl at 09:00 BST, but simmered off to $84.90/bbl by 11:25 BST (time of writing)….
Short Sep Sing 0.5% Crack With more low sulphur fuel oil cargoes arriving from the West to add to existing stockpiles, we expect LSFO to come under pressure. There has been sluggish demand in the world’s largest bunkering hub of
The September Brent futures flat price has crumbled this afternoon following an initial tick up to $85.10/bbl at 13:45 BST.
A US court ordered federal regulators to reassess the impact of greenhouse gas emissions from Commonwealth LNG’s Louisiana project, potentially delaying full approvals.
Lucky Number 85 Price action in September Brent crude futures was resilient this week, oscillating around the $85/bbl handle. Brent came off to $83.50/bbl on 16 July before ascending above $85/bbl on 17 July, settling around that level in the
The September Brent futures contract surpassed the $85/bbl handle again this morning, sitting at $85.30/bbl at 09:00 BST, but simmered off to $84.90/bbl by 11:25 BST (time of writing)….
Long Aug/Oct 3.5% Barge Over the last couple of days, we have seen Aug/Oct fall from $19.50 to $13.50. We’re seeing a shift in sentiment this morning at barge cracks, and spreads are being well-bid with little sell side interest
