European Window: Brent Comfortable Above $86/bbl
July 1, 2024
The September Brent futures flat price has rallied this afternoon, despite seeing a dip from $86/bbl at 14:50 BST to $85.20/bbl by 15:30 BST.
Reports
Futures Report: 2 Fast 2 Bullish
July 1, 2024
Technical indicators showed major strength across the Brent, gasoil, and RBOB futures benchmarks with their relative strength index (RSI) entering overbought territory. Flat price has continued its uptrend as short covering flows continued, while participants look to position in anticipation of greater summer demand.
This Week’s Target Price: $85.50-86.50/bbl
July 1, 2024
We expect Brent to inch up over the week with speculative positioning that is less saturated, following what appears to be a squeeze of the overly short market.
CFTC Weekly: Bring on the Bulls
July 1, 2024
Bullish money managers returned to Brent futures in the week to 18 June on greater optimism for summer oil demand, while shorts continued to cover their positions. Longs increased w-o-w for the first time in seven weeks, by 41.2mb (+20.7%). On the other hand, short positions declined for the second consecutive week, by 32.7mb (-25%).
Daily Trade Idea: 01/07/2024
July 1, 2024
We have seen Aug 380 crack has been trading between trading between -$6.65/bbl and -$5.85/bbl since 21st June, showing no real directional movement. Aug 380 crack is trading at a technical support level alongside RSI heading towards oversold territory, we
Overnight & Singapore Window: Sep Brent supported over $85/bbl
July 1, 2024
The September Brent futures flat price contract rallied to $85.70/bbl at 09:15 BST, following which it met resistance and softened to $85.25/bbl at 11:10 BST (time of writing)….
European Window: Brent Ticks Down Below $85.25/bbl
June 28, 2024
The September Brent futures flat price took a hit this afternoon after trading in a narrow range this morning around $85.70/bbl.
Fuel Oil Report – No Party at the VISCO-theque
June 28, 2024
The HSFO complex has had a very mixed week, with weakness seen in VISCO but pronounced support seen in Asia.
Brent Review: 24th June 2024
June 28, 2024
TARGET PRICE: $83/bbl – $85/bbl PRICE: $85.80/bbl Return of the pre-weekend bulls? On Monday, we forecast short-term bearishness to take the benchmark Brent crude futures to $83-85/bbl by the end of this week. We now see the September futures contract
Overnight & Singapore Window: Sep Brent briefly climbs to $86/bbl ahead of Aug expiry
June 28, 2024
The September Brent futures contract has been on an upward trend all morning, rallying to $86.10/bbl before meeting resistance here. The soon-to-be-prompt futures are now trading at $85.75/bbl as of 11:25 BST (time of writing)…
Daily Trade Idea: 28/06/2024
June 28, 2024
Short July 0.5 Sing crack Recently, the crack showed significant strength, trading up to $11.45/bbl due to concerns about potential supply issues following a fire at the Dangote refinery. However, Bloomberg reported that the incident was minor and the refinery
Validity of CFTC COT Data for Trader Positioning in Oil Derivatives
June 28, 2024
In this white paper, Onyx’s team explores the effectiveness of the CFTC COT Report in analysisng market positioning in the oil derivatives complex. Analysis suggests that for an up to date, expansive interpretation of current trader positioning for the whole
European Window: Brent finds resistance at $85.30/bbl
June 27, 2024
The September Brent futures contract initially rallied into the afternoon, climbing from $84.70/bbl at 12:20 BST to $85.30/bbl at 16:30 BST. Following this, however, the benchmark crude futures began to sell off and fell to $84.70/bbl at 17:20 BST (time of writing).
TMNs: A Presidential Welcome
June 27, 2024
A Presidential Welcome – With Donald Trump currently marginally ahead at the polls and the first presidential debate against incumbent Joe Biden scheduled for tonight, it’s currently anyone’s guess as to whether he can play it Cool(idge) and convince the US electorate of his self-proclaimed Tru-man status and maintain his lead…
Overnight & Singapore Window: Brent Slides to $84.80/bbl
June 27, 2024
The September Brent Futures contract has seen a mixed morning, trading from $84.30/bbl at 08:00 BST up to a high of $85.26/bbl at 10:25 BST before retracing down slightly to print at $84.86/bbl at the time of writing (11:15 BST).