Technical indicators indicate an RSI that has lifted out of oversold territory for Brent, ICE gasoil and RBOB gasoline futures although other indicators flag short-term bearish momentum
For the week to May 21, we saw differing positions adopted by money managers and prod/merc players across the two benchmarks.
The Aug Brent futures flat price primarily traded around $82.10/bbl all morning although it ultimately climbed to $82.35/bbl as of 11:15 BST.
The July Brent futures flat price has had a strong afternoon, mitigating the losses it saw this morning. The contract kicked off the afternoon at lows of $80.80/bbl at 13:50 BST before seeing a stellar rally up to $82.15/bbl at 17:00 BST.
The National Grid announced its plan to sell Britain’s largest liquefied natural gas (LNG) terminal, Grain LNG, as part of its strategy to streamline operations and focus on networks, as stated during the presentation of its 2023/24 business year earnings.
The July Brent futures flat price softened over the morning, from around $81.40/bbl at 0730 BST to $80.70/bbl at 1115 BST (time of writing).
Long Jun 380 Crack Tighter supplies and relatively healthy downstream demand have strengthened the Asian high sulfur fuel oil complex in recent weeks, although we have seen a drop in the last couple of days we believe it has found
The July Brent futures flat price has completely shredded the gains it made this morning. Having begun the afternoon well-supported, the price rose from $82.35/bbl at 12:55 BST to $82.95/bbl at 14:30 BST, however it was then crushed down to $81.30/bbl handles, where it currently sits as of 17:10 BST
Brent futures flat price has recently been on a 10 Downing Street-esque spiral, with its previous gains barely outlasting a lettuce.
The July Brent futures flat price has rallied significantly this morning following a weak overnight period.
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.
Short Jun 380 E/W It looks like the tide has turned. According to Onyx CoT it indicates that Jun is now overbought, with RSI at 93. As reported Tuesday, it has been on a steady rise, from $21 up to
The July Brent futures flat price has had a fairly unsettled afternoon, initially falling from $82.50/bbl at 12:00 BST to $81.70/bbl by 14:40 BST, before rising to the afternoon’s high of $82.55/bbl at 16:10 BST.
The story in propane has been dominated by the Panama Canal story and limited US exports, leading to strength in internationals.
There has been tepid demand of Sing 0.5% along with Al Zour refinery in Kuwait releasing tenders in April and May for VLSFO meaning there is ample supply. However 380 seems to be a tighter supply at the moment, with
