The Dated Brent market has kicked into high gear as structure mounted an impressive rally. Whilst June barrels are pricing weakly, sentiment is more bullish for July-loading barrels, with the Buzzard disruption helping clear the Forties overhang.
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The August Brent futures flat price has had a flat morning, trading predominantly in a narrow range of $84.00-$84.20/bbl. The only notable move was a dip from $84.20/bbl to $83.70/bbl between 08:50 BST and 09:40 BST, however, the price immediately retraced back above $84/bbl, where it sits as of 11:15 BST.
Short July/Aug 0.5 Sing Oil refiners across Asia are bringing back some idled capacity after maintenance, As much as 400,000 barrels of daily capacity, or more than 10% of what was taken down last month, will return to service in
August Brent futures flat price initially saw choppy price action taking the contract in and out of the $83/bbl handle until 15:00 BST. Following this, we saw the Aug contract register a steadier rise to $83.77/bbl at 17:40 BST (time of writing).
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.
Technical indicators showed a resurgence of strength from crude and into the products, as all 3 futures rallied in the week, lifting them all to the neutral territory for RSI and Bollinger band.
For the week to June 11, money managers significantly reduced their short positions whilst keeping their long positions fairly stable across the Brent and WTI futures benchmarks as traders reacted bullishly following the cratering prices of the previous week.
Long Jul Barge 0.5% Crack We have seen a rise in the Jul crack this morning. Although there has been good supply of LSFO recently, the market position has been getting longer according to Onyx CoT.
TARGET PRICE: $82-84/bbl Although we expect Brent futures to remain supported above the $80/bbl region, we hold a neutral outlook this week, with the front-month August contract to finish the week between $82/bbl and $84/bbl. This is predicated on three
