The July Brent futures flat price has completely shredded the gains it made this morning. Having begun the afternoon well-supported, the price rose from $82.35/bbl at 12:55 BST to $82.95/bbl at 14:30 BST, however it was then crushed down to $81.30/bbl handles, where it currently sits as of 17:10 BST
Brent futures flat price has recently been on a 10 Downing Street-esque spiral, with its previous gains barely outlasting a lettuce.
The July Brent futures flat price has rallied significantly this morning following a weak overnight period.
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.
Short Jun 380 E/W It looks like the tide has turned. According to Onyx CoT it indicates that Jun is now overbought, with RSI at 93. As reported Tuesday, it has been on a steady rise, from $21 up to
The July Brent futures flat price has had a fairly unsettled afternoon, initially falling from $82.50/bbl at 12:00 BST to $81.70/bbl by 14:40 BST, before rising to the afternoon’s high of $82.55/bbl at 16:10 BST.
The story in propane has been dominated by the Panama Canal story and limited US exports, leading to strength in internationals.
There has been tepid demand of Sing 0.5% along with Al Zour refinery in Kuwait releasing tenders in April and May for VLSFO meaning there is ample supply. However 380 seems to be a tighter supply at the moment, with
The July Brent futures flat price has had a mixed afternoon, initially falling from $82.50/bbl to the afternoon’s low of $82.10/bbl between 12:25 BST and 13:25 BST. Subsequently, Brent rallied to $83.30/bbl by 16:10 BST, before retracing down back into mid-$82/bbl handles, reaching $82.40/bbl at 17:20 BST (time of writing).
Dubai Bling – Two weeks ago, the prompt Brent/Dubai appeared to be hitting a bottom at -14c/bbl with players anticipating a recovery upwards in the near term.
