TMNs: One Market To Rule Them All
Markets have been echoing the early fellowship for much of this week as they struggled to establish a clear and comprehensive narrative.
News
Brent Well-Supported in $83/bbl Handles
The July Brent future flat price has been well-supported this afternoon, initially rising from $82.60/bbl handles at 12:00 BST to $83.75/bbl by 14:35 BST.
CFTC Predictor: Who Pressed Mute?
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.
Brent Back Below $83/bbl
The July Brent futures flat price has just ticked down this morning from a high of $83.25/bbl at 08:05 BST to $82.40/bbl handles at 10:55 BST, where it still currently resides as of 11:10 BST.
Brent Rallies After Flirting With $81/bbl
The July Brent futures flat price has had a rollercoaster of an afternoon, initially falling to $81.75/bbl as 12:50 BST, before shooting up rapidly to $82.40/bbl by 13:30 BST.
Brent Softening from High $82/bbl Handles
The July Brent futures flat price had a rangebound night and early morning, bouncing between $82.65/bbl and $83.00/bbl from 05:00 BST to 10:30 BST. Since then however, it has seen a fairly sharp downturn, falling around $0.50/bbl in 45 minutes to its current level of $82.40/bbl as of 11:25 BST.
Daily Trade Idea: 15/05/2024
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Dated Diminuendo: Dated Brent Report
‘Strong Brent expiry to give bulls false hope’ or so the meme goes. Immediately following expiry, the North Sea market saw a dramatic capitulation as the physical turned offered.
Brent Weakens To Low $82/bbl Handles
The July Brent futures flat price has been struggling to garner support this afternoon, sliding down from its daily high of $83.55/bbl at 11:25 BST to its first low of $82.25/bbl at 14:20 BST.
Gasoline Report: No Arbs Before Marbs
EBOB cracks experienced a fairly weak fortnight, dropping marginally from $22.40/bbl on Apr 30 to $21.50/bbl come May 06, before the decline accelerated, leaving the contract lurking just above $19/bbl.