The Apr Brent futures contract has weakened throughout the day and traded from above the $83/bbl mark to be priced at $82.16/bbl at 17:00 GMT (time of writing). WTI Apr prices have also come off today, initially trading above the $78/bbl mark and currently at $77.02/bbl at 17:00 GMT.
Brent flipped to adopting a bearish positioning in the week to Jan 23, with longs exiting alongside a weekly rise in shorts. On the other hand, WTI also witnessed a reversal in net positioning, with money managers now bullish on the American crude benchmark.
After a turbulent weekend, with a Trafigura ship on fire and three US Soldiers dead, the futures market is looking bullish for the week ahead
Apr Brent Futures started the week supported above $82/bbl.
The Brent futures flat price for the Apr contract has seen a minor sell off this morning. Initial stability kept prices in the $83/bbl handles, before selling interest saw price action retrace downwards to $82.58/bbl at 09:55 GMT.
The fundamental backdrop across the gasoil complex remains coloured with freight concerns amid geopolitical risk. How has this impacted European gasoil in a post-Russian embargo world?
This past fortnight saw strong price action in the fuel complex, with the HSFO market weakening in both the European and the Asian benchmarks. The 3.5% barge crack saw substantial selling in the prompt contracts, adding on to strong downwards
Brent futures for the Mar contract breached into $82/bbl handles last night but eased slightly to now sit at $81.95/bbl (as of 09:40 GMT).
The Mar Brent futures contract has yet again strengthened throughout the day, reaching almost two-month highs of $81.51/bbl at 16:50 GMT and later retraced to trade at $81.47/bbl at 17:05 GMT (time of writing). WTI prices also found strong support and traded at $76.60/bbl at 17:00 GMT.
Brent futures finally found the momentum it had been waiting for, pointing to some calm in this poor-demand storm. Prompt Brent futures strengthened from $79.10/bbl on Jan 18 to $80.04/bbl on Jan 24, and hitting the $80/bbl mark two times this week.
The Brent futures flat price for the prompt contract has seen a relatively supported morning above the $80/bbl mark, rising from $80.31/bbl at 07:00 GMT to $81.20 at 10:00 GMT.
Every Thursday we release our forecasted CFTC positioning, for the week to Jan 23 our proprietary model at ONYX predicts CFTC positions to be…
Brent prices for the Mar tenor have strengthened this afternoon, rising from below $79/bbl as of 14:00 GMT to $79.91/bbl at 16:45 GMT (time of writing)
Over the past two weeks, the narrative of the light sweet crude market has been predominantly shaped by supply-demand mechanics, culminating in a substantial rise in market activity.
The Onyx Capital Group C suite expands once more as we warmly welcome Andrew Chen as the Group Chief Financial Officer. Andrew joins with over 25 years’ experience in execution and advisory across private equity, equity & debt capital markets and
