Long Aug 380 E/W With the Middle East already suffering from high summer temperatures and drawing in a lot of HSFO for generating power, we expect to see demand increase in the East for Aug. Inventories have improved in Singapore
The Aug Brent Future flat price has been unsettled this afternoon, trading between $79.50/bbl and $80.35/bbl, the latter of which it has twice been unable to break through.
Freeport LNG has sued contractors Zachry Industrial, Chiyoda International, and CB&I over defects in electric motors at its Texas plant, which have led to significant outages and costly repairs, with damages exceeding $1 million.
Long the Jul/Aug 92 spread This spread got to highs of 55 , but then got pressured down to 35 levels due to physical selling and profit taking. The 92 complex has been supported in the front, due to
The Aug Brent futures flat price has seen a fairly unremarkable morning, trading in a range of $79.85-80/bbl although continuing to see resistance at the now hallowed $80/bbl marker.
The Aug Brent Futures flat price initially saw a steady afternoon trading between $78.60/bbl and $79.00/bbl.
Last Sunday, OPEC+ held a meeting in Saudi Arabia, went to sleep and woke up to a nightmarish regime in oil. The meeting saw the producer group decide to (surprise, surprise) extend their voluntary output cuts.
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 Aug Brent Futures flat price saw a fairly muted morning in terms of price action, with much of the morning seeing trading in a range between $78.60/bbl and $78.80/bbl. It briefly touched an intraday high of $79.15/bbl at 09:00 BST but appears to have met some resistance and is hovering around the $78.70/bbl mark at 11:00 BST (time of writing).
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.
