The July Brent Futures flat price had a weak start to the afternoon, reaching a low of $82.05/bbl at 13:30 BST before aggressively shooting up to a high of $83.80/bbl at 16:45 BST, after which it retraced down slightly and hovered around $83.50/bbl at 17:15 (time of writing).
The July Brent Futures flat price has had a weak morning, ticking down consistently since its high of $82.80/bbl at 05:00 BST. Significantly, the morning saw the contract drop into $81/bbl handles, and reach a low of $81.80/bbl at 10:30 BST, from which it has since partially retraced upwards to $82.35/bbl at 11:20 BST.
MurbanMania – Overall bearish price action in Brent/Dubai has been unsurprising and the rolldown is generally expected.
The July Brent Futures flat price has had a choppy afternoon, which it began in $83.00/bbl handles, before dipping twice to $82.55/bbl and $82.45/bbl at 14:05 BST and 15:45 BST, respectively.
This past fortnight has seen naphtha in Asia and Europe rally into May before finally reaching a plateau in the past week as the rally ran out of steam. Naphtha cracks have reversed from their downtrend seen in the first half of April, with the May NWE crack returning above -$10/bbl.
After a prolonged bull play in the North Sea physical, Gunvor flipped to aggressively selling Midland and Forties cargoes into the new month
With another week comes a fresh slew of trade ideas by Onyx Research. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft methods on Onyx Commitment of Traders (COT) and Flux Financials data.
The July Brent Futures flat price had a rangebound start to the morning, ticking between $83.30/bbl and $83.60/bbl from 05:30 BST to 08:15 BST.
The July Brent futures contract has now reached the $83.30/bbl handle, with bearish sentiment continuing to permeate into markets.
