The June Brent futures flat price has witnessed a mixed afternoon, with price action initially strengthening to reach a peak of $89.82/bbl at 13:15 BST, before weakening to a low of $88.83/bbl at 15:50 BST.
German gas consumption rebounded sharply in the week to Apr 21 due to colder weather, with stocks at 67.2% of capacity compared with 69.1% the previous week.
The Brent futures flat price for the prompt contract has witnessed a mixed morning. Price action initially strengthened to reach a peak of $89.68/bbl at 08:15 BST, before retracing to below the $89/bbl mark, printing at $88.97/bbl at 10:05 BST.
June Brent futures flat price fell below $87.40/bbl at 15:50 BST before recovering to around $87.90/bbl at 17:00 BST (time of writing).
Brent skyrocketed from below $87/bbl at 01:25 BST on Apr 19 to flirting with $91/bbl just two hours later on the back of explosions heard from an Israeli strike on Iranian air space. However, resurrecting doubts regarding whether there is
The prompt Brent Futures contract saw a mixed morning, rising to a high of $88.48/bbl at 08:22 BST before seeing retracement and some consolidation around $88/bbl levels at 10:00 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
The Jun Brent futures flat price saw rangebound price action until 15:38 BST, when prices rallied to $88.70/bbl only to drop below $87.80/bbl at 16:10 BST.
The May LST/FEI Arb declined from approximately -$180/mt on Apr 10 to below -$198/mt on Apr 24, driven by weaknesses in LST and strengths in FEI.
The ICE Brent Futures contract has seen a slight correction down this morning, trading from $88.60/bbl handles around 08:00 BST to $88.10/bbl around 10:20 BST.
A choppy Tuesday for crude flat price as Brent came off from highs of $88.21/bbl this morning, coming off to lows of $86.06/bbl at 13:50 BST before steadily rallying to $88/bbl levels by 17:00 BST.
The May Brent/Dubai recorded a feeble fortnight amid prices coming off from a high of $1.10/bbl on Apr 12 to sub-zero territory less than a week later with the move downwards exacerbated by players stopping out of length.
This past fortnight has seen a rejuvenated naphtha complex in both regions, with Eastern structure the slightly better performer.
After a prolonged period of weakness following the first week of April, Dated structure staged a recovery from April 18 after finding the floor.
With another week comes a fresh slew of trade ideas by Onyx Research.
