Long Aug 380 EW: Barge cracks are under pressure due to continued deferred barge crack selling. We think aug 380 EW will be supported on the back of this. For brokerage services across the barrel and to receive our weekly
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.
It seems like the flipping of the calendar month has brought with it a debilitation of Dubai’s strength. The prompt contract has returned to what would be arguably ‘normal’ positives, considering the makeup of the barrel.
The September Brent futures flat price has weakened this afternoon, falling from a high of $87.45/bbl at 14:05 BST to a low of $86.60/bbl at 16:00 BST.
The Dated market entered July on a strong note, with the Bal-July DFL shooting up above $1/bbl. Brent spreads also continue to be elevated, with the Sep/Oct futures spread briefly shooting above $0.90/bbl on 01 July before retracing lower to $0.85/bbl.
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The September Brent futures contract saw a strong morning, trading from around $86.80/bbl at 8:00 BST down to a low of $86.60/bbl at 08:40 BST before rising steadily over the remainder of the morning to reach $87.24/bbl at the time of writing (11:00 BST)…
We start July and the second half of 2024 having seen almost no change in the prompt Brent outright price, but having all been through a battering and bruising, nonetheless.
The September Brent futures flat price has rallied this afternoon, despite seeing a dip from $86/bbl at 14:50 BST to $85.20/bbl by 15:30 BST.
Technical indicators showed major strength across the Brent, gasoil, and RBOB futures benchmarks with their relative strength index (RSI) entering overbought territory. Flat price has continued its uptrend as short covering flows continued, while participants look to position in anticipation of greater summer demand.
