We continue to see strength across the naphtha complex, although we appear to now be approaching the dangerous realm of potential buy-side saturation with rising selling in naphtha cracks in Europe, alongside selling in the E/W.
It seems like the flipping of the calendar month has brought with it a debilitation of Dubai’s strength. The prompt contract has returned to what would be arguably ‘normal’ positives, considering the makeup of the barrel.
The September Brent futures flat price has weakened this afternoon, falling from a high of $87.45/bbl at 14:05 BST to a low of $86.60/bbl at 16:00 BST.
The Dated market entered July on a strong note, with the Bal-July DFL shooting up above $1/bbl. Brent spreads also continue to be elevated, with the Sep/Oct futures spread briefly shooting above $0.90/bbl on 01 July before retracing lower to
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The September Brent futures contract saw a strong morning, trading from around $86.80/bbl at 8:00 BST down to a low of $86.60/bbl at 08:40 BST before rising steadily over the remainder of the morning to reach $87.24/bbl at the time
We start July and the second half of 2024 having seen almost no change in the prompt Brent outright price, but having all been through a battering and bruising, nonetheless.
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.
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
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.
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%).
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
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)….
The September Brent futures flat price took a hit this afternoon after trading in a narrow range this morning around $85.70/bbl.
The HSFO complex has had a very mixed week, with weakness seen in VISCO but pronounced support seen in Asia.
