The July Brent futures flat price has had a mixed morning, first seeing a rapid uptick from $83.50/bbl at 06:50 BST to $83.85/bbl by 08:05 BST, before softening to $83.15/bbl by 10:40 BST. After this, it has retraced upwards to $83.30/bbl handles, where it currently resides as of 11:10 BST (time of writing).
Markets have been echoing the early fellowship for much of this week as they struggled to establish a clear and comprehensive narrative.
The July Brent future flat price has been well-supported this afternoon, initially rising from $82.60/bbl handles at 12:00 BST to $83.75/bbl by 14:35 BST.
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.
The July Brent futures flat price has just ticked down this morning from a high of $83.25/bbl at 08:05 BST to $82.40/bbl handles at 10:55 BST, where it still currently resides as of 11:10 BST.
The July Brent futures flat price has had a rollercoaster of an afternoon, initially falling to $81.75/bbl as 12:50 BST, before shooting up rapidly to $82.40/bbl by 13:30 BST.
The July Brent futures flat price had a rangebound night and early morning, bouncing between $82.65/bbl and $83.00/bbl from 05:00 BST to 10:30 BST. Since then however, it has seen a fairly sharp downturn, falling around $0.50/bbl in 45 minutes to its current level of $82.40/bbl as of 11:25 BST.
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‘Strong Brent expiry to give bulls false hope’ or so the meme goes. Immediately following expiry, the North Sea market saw a dramatic capitulation as the physical turned offered.
The July Brent futures flat price has been struggling to garner support this afternoon, sliding down from its daily high of $83.55/bbl at 11:25 BST to its first low of $82.25/bbl at 14:20 BST.
EBOB cracks experienced a fairly weak fortnight, dropping marginally from $22.40/bbl on Apr 30 to $21.50/bbl come May 06, before the decline accelerated, leaving the contract lurking just above $19/bbl.
The July Brent futures flat price has experienced a morning of mixed price action. From a level of around $83.50/bbl at 06:00 BST, the price edged slowly down to its daily low of just over $83/bbl at 09:30 BST.
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The July Brent futures flat price has had a mixed afternoon, initially having a mini rally to $83.40/bbl by 13:40 BST before swiftly dipping to $83.15/bbl at 14:05 BST.
