Long Aug 3.5 Barge crack: Our trade idea is to long Aug 3.5 Barge crack – recently we have seen weakness with the barge crack, trading down from -$7.60/bbl to -$8.90/bbl. However there has been a slight retracement back up
The September Brent futures flat price witnessed an impressive rally early this morning. The contract moved sharply up from $87.15/bbl minutes before 08:00 BST to $87.60/MMBtu at 08:40 BST. However, the benchmark crude futures contract subsequently weakened and stands at $87.30/bbl as of 11:25 BST (time of writing)
What a week it is for European elections as the UK goes to the polls today, whilst France has the second round of its legislative election on Sunday. Ironically, the UK’s election will likely only have a Conservative effect on markets due to the scale and appearing inevitability of Labour’s landslide, predicted to be the greatest seen since 1832(!!!).
The September Brent futures flat price rose over the afternoon to its highest level since April. It rallied from around $86.75/bbl at 12:45 BST to $87.55/bbl at 17:25 (time of writing). Saudi Aramco has reduced the official selling price (OSP) for Arab Light crude oil for Asia to $1.80/bbl above the Oman/Dubai average benchmark, down by $0.60/bbl for August.
Long Aug/Sep 380: Our trade idea is to long Aug/Sep 380. We have seen continuous rally of Aug/Sep 380 spread since 1st of July. We believe there is still bullish momentum pushing the spreads up higher. For brokerage services across
The September Brent Futures contract experienced a mixed morning. Around 07:30 BST, it traded at $86.88/bbl before dipping to $86.50/bbl by 09:00 BST.
In addition to our regular Monday CFTC COT analysis report, Onyx Insight will publish its own in-house CFTC COT forecast ahead of the official Friday report. The model forecasts changes in long and short positions using machine learning, utilising Onyx’s proprietary data.
The LST/FEI arb rallied into the fortnight on the back of bullish EIA stats but soon retraced from -$195/mt on 28 June to -$210/mt on 02 July.
The September Brent futures flat price saw quite volatile price action this afternoon, dropping below $86.00/bbl at 15:50 BST before it recovered to $86.40/bbl at 17:25 BST (time of writing).
The September Brent futures flat price has steadily come off this morning since a brief rise to $86.80/bbl at 08:00 BST.
