LNG Report: Not From Russia With Love
The Panama Canal is in talks with US LNG producers to increase transit through the passage as water levels begin to recover.
News
Brent Content In $84/bbl Handles
The July Brent Futures flat price has generally been well supported this morning, rising to a high of $84.50/bbl at 08:00 BST. Following this, it briefly softened to $84/bbl by 09:45 BST, before it swiftly rebounded to $84.30/bbl handles, where it currently resides as of 11:10 BST (time of writing).
Brent Review: 10/05/2024
Jul Brent futures began the week supported to stable mid-$83/bbls amid the news of Saudi hiking OSPs for the third consecutive month, with Arab light for Jun delivery has increased by 90c/bbl to $2.90/bbl. The market returned from the thin
TMNs: Silence of the Bears
A steady but strong downward trend was felt in the market for much of this week as Buffalo Bear directed pessimism which was hard to counter with any real conviction
Brent Stable Around High $83/bbl Handles
The July Brent Futures flat price has had a fairly rangebound afternoon. Having risen to a daily high of $84.35/bbl at 12:00 BST, it is has seen a steady decline to twice fall to $83.50/bbl at both 14:25 BST and 17:00 BST, interspersed with two mini-peaks of around $84.05/bbl.
Brent sees Volatility around $84/bbl
The Brent Futures contract has seen a mixed morning, rising from high $83/bbl levels in the early morning to peak at $84.33 at 9:06 BST, before retracing and eventually settling around $84.18.
CFTC Predictor: Fire Sale!
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.
FE-Aye Aye Aye!!
Jun FEI/CP rallied to $44.50/mt on Apr 26 following market confusion as the CP release was put out early and supported buying in the FEI/CP.