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%).
Short July Arb At these levels we anticipate some physical sell side interest on the front arb, with arb opportunities becoming more favourable. For brokerage services across the barrel and to receive our weekly trade ideas: insight@onyxcapitaladvisory.com
The August Brent Futures flat price has seen its price exceed $86/bbl for the first time since the end of April this afternoon, however, it subsequently settled back into an $85/bbl handle.
The European Union has agreed on the contents of a 14th sanctions package against Russia, aiming at the latter’s LNG sector for the first time.
In Asia, the Dubai players were at it again vigorously, with Petrochina playing a less prominent role while
Exxon came out swinging.
TARGET PRICE: $82/bbl – $84/bbl PRICE: $85/bbl Is Summer Demand Finally Here? The crude oil futures market is on track for its second consecutive weekly gain on signs of better demand as Brent futures rallied to seven-week highs. We initially
The Aug Brent futures flat price reached $85.75/bbl at 07:20 BST, following which the contract dived to $85.35/bbl at 09:35 BST. The futures contract again rallied to $85.75/bbl at 11:20 BST but has since eased to $85.60/bbl at 11:10 BST (time of writing). EIA data for the week to June 14 showed that total product supplied, which tends to be a proxy for the country’s total oil demand…
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 contract traded above $85/bbl all afternoon, rallying sharply to $85.90/bbl at 14:20 BST.
June 19 was an eventful day for several reasons, including Just Stop Oil turning Stonehenge orange, Albania recording this Euros’ fourth own goal, Justin Timberlake getting arrested by a young cop who failed to recognise him and, of course, the front-month Brent futures rallying to a seven-week high to $85.90/bbl.
