In a year of stagnant crude oil prices, our latest article delves into why traders are turning to a lesser-known segment of the oil market for lucrative opportunities. We examine the intricate dynamics driving recent developments in North Sea oil within this niche.
An exemplary day for the crude bulls as Brent flat price rallied sharply, breaking into $85/bbl handles, hovering around $85.45/bbl at the time of writing (16.50 GMT).
Just when we were lamenting the sideways action in crude flat price this year, Brent broke out to the upside on Wednesday as prices reached four-month highs at the $85/bbl level. The stars aligned this week as tightening supply around
May Brent futures opened around $84/bbl in the early hours of the morning before rallying up to $84.53/bbl at 08:10 GMT and then swiftly correcting down to $84.17 by 08:40 GMT.
In addition to our regular Monday CFTC COT analysis report, Onyx Insight will publishes 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
Prompt Brent futures flat price has maintained the levels established after this mornings strength, with prices oscillating in the mid $83/bbl handles, before more recent support has seen the contract trend towards the $84/bbl mark, reaching $83.89/bbl at 17:00 GMT.
The LST/FEI arb continued its bearish trend, falling below -$200/mt amidst mounting pressure in US structure, with the physical being well offered. Last week, LST was the driver of arb movement, where the Apr/May spread has fallen from 4.5c/gal to
The Brent futures flat price for the prompt contract has seen an overall strong morning. Price action initially weakened to below the $82/bbl mark at 08:35 GMT, inspiring some buying interest as the contract rallied to reach $83/bbl at 10:05 GMT.
This past fortnight has seen a very much supported naphtha complex, in both regions. After initially falling behind, the East caught up with Europe in the middle of the two weeks, before further strength from Europe was witnessed.
The past week in the North Sea crude market has been rather dramatic…
The May Brent futures contract has seen mixed price action this afternoon, initially around $82.19/bbl at noon before experiencing a sell-off down to $81.74/bbl, and subsequently rallying to $82.33/bbl at the time of writing (17:20 GMT).
Following our previous report, OPEC subsequently announced on March 3rd that they would be extending their cuts from the first quarter of 2024 into Q2 2024. This development, despite wide speculations that the cuts would be maintained, was evidently not
New week, new Alpha – Onyx Alpha will publish speculative and hedging trades every Tuesday based on technical analysis and data-driven tradecraft methods based on Onyx’s Commitment of Traders (COT) and Flux Financials data.
The Brent futures flat price for the prompt contract has seen an overall strong morning. Price action initially found stability in the mid $82/bbl-handles, before rallying to $83.01/bbl at 08:10 GMT.
The May Brent futures has seen a great deal of volatility this afternoon with prices reaching lows of $81.10/bbl at 14:10 GMT although strengthened to $82.72/bbl at 16:25 GMT. At 17:00 (time of writing), the contract was seen trading at $82.49/bbl.
