The September Brent futures contract initially rallied into the afternoon, climbing from $84.70/bbl at 12:20 BST to $85.30/bbl at 16:30 BST. Following this, however, the benchmark crude futures began to sell off and fell to $84.70/bbl at 17:20 BST (time of writing).
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The September Brent Futures contract has seen a mixed morning, trading from $84.30/bbl at 08:00 BST up to a high of $85.26/bbl at 10:25 BST before retracing down slightly to print at $84.86/bbl at the time of writing (11:15 BST).
Short July 92/MOPJ 92 has been struggling to keep up with the recent strength in RBOB and there is still a firm bullish trend in naphtha. We think this will continue into the end of the month so we expect
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 September Brent futures contract has seen a downward trend all afternoon, softening from nearly $85/bbl at 11:35 BST to below $84/bbl at 14:40 BST.
The September Brent futures flat price has been well-supported this morning following an earlier decline.
On 17 June, the world went to sleep with the physical differential still in sub-zero territory at -30c/bbl and woke to a whole new regime with the physical diff bid above 1c/bbl.
The September Brent Futures flat price has had a fairly flat afternoon, trading between $85.30/bbl and $86/bbl.
The July ’24 EBOB crack hit a low of $14.10/bbl on June 12, establishing a floor through June 17 amid low liquidity. Heavy refiner selling peaked on June 24 with over 280kb of July’24sold. On June 18, RBBR found support at $18.50/bbl, prompting some spread buying despite a quiet market.
