Futures Report: Ughhh-PEC
Technical indicators showed all products seeing volatility decreasing in the week, with the Bollinger bands narrowing.
News
This Week’s Target Price: $80-82/bbl
Over the weekend, OPEC+ announced the extension of their oil production cuts into 2025, with the possibility of unwinding voluntary cuts from October 2024.
Brent Falls Below $81/bbl Handles
The August Brent Futures flat price saw a rangebound morning trading in a tight range between $80.80/bbl and $81.50/bbl. As at 11:25 (time of writing) it is on a slight downward trend at $80.95/bbl.
Daily Trade Ideas: 03/06/2024
Trade Idea 1: Long Jul TA Arb A closed transatlantic arb currently should be putting pressure on NYH prices to increase relative to Europe to incentivise more bbls moving. Although there are multiple ways the physical arb can open back
Brent Weakens to Jul Expiry
The August Brent Futures contract saw a weak afternoon where prices initially saw strength rallying to an intraday high of $82.62/bbl as of 14:00 BST. Yet, after this initial strength, we saw a continuous tumble throughout the afternoon down to $81.00 as of 17:00 BST.
Fuel Oil Report – Panic! at the VISCO
Muted flows were seen in Eastern HSFO with 380 cracks in a range whilst Europe found support amid the front spread exiting contango territory.
Choppy Morning for Brent Amid Jul Expiry
The Aug Brent Futures flat price has seen a slight uptick this morning following some choppiness. The contract rose from $81.70/bbl at 06:45 BST to a high of $82.20/bbl at 10:25 BST, before rapidly dropping to $81.60/bbl by 10:45 BST. Subsequently, it recovered most of these losses to sit at $82.05/bbl as of 11:10 BST.
Daily Trade Idea: 31/05/2024
Short Jul 0.5% Sing Crack We have seen an increase in fuel oil inventories in Singapore this week due to lower demand and good supply coming from the Middle East. Looking at the Onyx CoT the market position has been
Brent Traces Down To $82.30/bbl Handles
The August Brent Futures contract saw a volatile afternoon, rising to a peak of $83.40/bbl at 12:30 BST before prices fell to $82.60/bbl at 14:15 BST and subsequently oscillated between $82.30/bbl and $83.20/bbl later into the afternoon, printing at $82.22/bbl at 17:30 BST.
TMNs: License to Cut
This week will see OPEC+’s meeting on Sunday, June 02, which has already seen key market players make various notable moves. In anticipation of the meeting, the four-week average amount of crude exports coming From Russia With Love have declined for a third consecutive week.