The September Brent Futures contract experienced a weak start this morning, opening around $85/bbl at 09:00 BST, dropping to a low of $84.74/bbl by 11:00 BST, before slightly recovering to $85.86/bbl at the time of writing (11:15 BST).
Long Q3 EBOB Crack After initial weakness this morning hanging over from yesterday, we think it’s a good opportunity to try and fade that weakness and take an opposing position. For brokerage services across the barrel and to receive our
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.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
The August Brent Futures flat price has picked up strength this afternoon following a brief dip to $84.80/bbl at 14:20 BST.
Technical indicators showed major strength in both crude and products this week, following Brent’s rally to above $85/bbl. Brent, gasoil, and RBOB futures all saw their RSIs hover just below overbought territory at 65, 68, and 64, respectively. Bollinger
Technical fluff that has propped up Brent, thanks to a certain pair of hot hands in the North Sea, will likely
prove unsustainable.
Too close to the sun? The prompt Brent futures flat price contract recorded great strength last week. The contract began the week at $84.25/bbl and rallied past the $86/bbl handle on 21 June – where it met resistance. We now see the contract hovering around $85.30/bbl at 08:30 BST (time of writing), although we anticipate short-term bearishness to take the benchmark crude futures to $83-85/bbl by Friday. This expectation emerges out of three key factors:
The Aug Brent futures contract has seen a strong morning, rallying from $85.05/bbl at 07:20 BST to $85.55/bbl as of 11:00 BST (time of writing).
Bullish money managers returned to Brent futures in the week to 18 June on greater optimism for summer oil demand, while shorts continued to cover their positions. Longs increased w-o-w for the first time in seven weeks, by 41.2mb (+20.7%). On the other hand, short positions declined for the second consecutive week, by 32.7mb (-25%).
