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 Aug Brent Future flat price has softened this morning following an initial period of strength. The price ticked up from $82.20/bbl handles to reach the morning’s high of $82.55/bbl at 09:15 BST, before weakening to below $82/bbl by 10:30 BST. It sits in $81.90/bbl handles as of 11:10 BST (time of writing).
Short Jul 0.5% Sing Crack According to market and ship tracking data, Singapore, Asia’s main oil hub, is set to receive this week the first cargo of low-sulfur straight-run fuel (LSSR) oil exported from Nigeria’s newly built Dangote refinery. There
The Aug Brent futures flat price saw a whirlwind of an afternoon. Initially, we saw a steady move upward in price action from $82.70/bbl at midday to an intraday high of $83.30 at 15:00 BST. Following this upwards price movement, we saw a dramatic tumble in price action with a notable -54c drop in a minute at 15:30 BST down to $82.67/bbl
The Aug Brent Futures flat price has continued its rally this morning, initially rising from $82.30/bbl at 06:00 BST to $82.95/bbl by 10:30 BST. Subsequently, the price has slightly fallen, but still sits in mid-$82.70/bbl handles as of 11:15 BST (time of writing).
Long Jul NWE Naphtha Crack Naphtha cracks have held firm despite weaker gasoline and stronger flat price, so we think there is still an overhang of gas/nap length keeping naphtha supported, so we’d suggest following the recent trend higher For
The Aug Brent Futures flat price has seen a stronger afternoon following the muted activity this morning. Price action initially traded in a range between $81.40/bbl and $81.70/bbl from 12:00 BST to 15:00 BST.
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.
Despite this bearishness, the July DFL found some respite and rallied to above 20c/bbl on Jun 11th after previously being burned down to -50c/bbl on June 4th.
EBOB has continued to be pressured as weakness emanated from the US as RBBR fell to $18.50/bbl on June 11. The Jul/Aug spread fell to $3.50/mt on June 11 from $6.50/mt on June 4.
