After coming off into the end of the month, the prompt EBOB crack has been fairly rangebound with trade houses the key counterparty on the buy-side though notably we saw refiners coming in on the sell-side on the first day
With another week comes a fresh slew of trade ideas by Onyx Research.
After a rangebound week, with Jun Brent futures oscillating around the $85/bbl mark, Brent futures strengthened in the lead up to the Easter bank holiday weekend. Support continues to be found, surpassing the $89/bbl mark on Apr 02.
The June Brent futures contract has seen a strong rally this morning, opening around $88/bbl handles and rising quickly to settle around $89/bbl at 10:30 BST.
For the week to Mar 26, the crude futures continued to record relatively bullish sentiment but saw a higher level of risk adopted by bearish money managers.
In the week to Mar 26, speculative players adopted a more risk-on approach in WTI futures.
Technical indicators for June revealed a week of softening prices in a risk-off attitude across the product groups.
Credit Agricole announced its decision to abstain from providing financing to two significant LNG projects. This move reflects the bank’s dedication to refraining from supporting new fossil fuel developments…
The Jun Brent futures contract strengthened back into $86 territory this morning and stands at $86.40/bbl as of 13:05 GMT (time of writing).
Brent futures this week took us on a journey up and down, and currently stand slightly elevated to levels seen at the start of the week.
ONYX CFTC PREDICTOR – 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.
June Brent futures flat price rose gently overnight but failed to pass $86/bbl, leaving it trading around $85.75/bbl at 0640 GMT (time of writing).
The Brent futures flat price for the Jun contract initially dropped to $84.97/bbl briefly at 12:45 GMT before recovering its losses and reaching a high of $85.51/bbl at 15:15 GMT and then retraced to $85.12/bbl by 17:15 GMT.
The LST/FEI arb firmly rebounded over the fortnight and rallied almost $40/mt to -$160/mt handles come Mar 24. On the other hand, the May FEI/CP diff witnessed incredibly bearish tides with an overarching CP complex relative to FEI.
The Brent futures flat price for the June contract has been retracing downward this morning, reaching a low of $84.59/bbl by 09:00 GMT with a recovery to just over $85.00/bbl by the time of writing (10:00 GMT).
