The Oct’24 Brent futures flat price started the day on a bullish front and rallied past the $80/bbl handle. The benchmark crude futures contract was observed sitting just below $80.40/bbl as of 11:35 BST (time of writing).
Short Sep 0.5% Sing Crack -The Asian LSFO has seen strength in the last few days with above average bunkering activity. However we have observed that Al-Zour refinery exports are expecting to increase with summer power generation demand typically cooling
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
The October Brent futures flat price accelerated its rally on Monday afternoon, cruising past $81/bbl and trading at $81.18/bbl at 17:00 BST (time of writing). Price action has extended last week’s gains, with US recession fears easing and Middle Eastern geopolitical risk, and potentially supported by short covering flows. The market awaits response, while on Monday Russia evacuated civilians from parts of a second region following Ukraine’s incursion into sovereign Russian territory. In OPEC’s August MOMR…
Last week, the Oct’24 Brent futures witnessed a significant sell-off, following which sentiment recovered. The benchmark crude futures contract went from $76.30/bbl on 06 Aug to $80.40/bbl on 12 Aug (at the time of writing).
It was a bearish week for global crude benchmarks (Brent + WTI), which also suffered from the fallout from the sell-off in global risk assets following a weak US employment data report and the unwinding of the Japanese Yen carry trade. Notably, the significant increase in short positions across the key futures benchmarks imply that the recent sell-off was exacerbated by fresh CTA selling, in addition to the liquidation of length by discretionary and risk-parity funds.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
The Oct’24 Brent futures flat price started the day on a bullish front and rallied past the $80/bbl handle. The benchmark crude futures contract was observed sitting just below $80.40/bbl as of 11:35 BST (time of writing).
The Oct’24 Brent futures witnessed a largely rangebound afternoon, with the flat price first falling from $79.50/bbl at 13:10 BST to $78.85/bbl around 15:10 BST, only to firm up to $79.70/bbl at 17:25 BST (time of writing).
In HSFO over the past fortnight, we saw price action appear fairly unsettled alongside enduring relative Asian strength.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
The Oct’24 Brent futures contract hit $77.75/bbl at 10:45 BST, following which prices firmed up to $79.05/bbl at 17:35 BST (time of writing).
The Paris Olympics are in full swing, with Celine Dion’s opening ceremony rendition of ‘L’Hymne à l’amour’ proving to be an even greater performance than that of European propane this week…
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.
