All eyes are on the upcoming CP settlement and how this will play on market dynamics. This week we have looked at a trade idea which takes the various market factors at play into account to come up with our
Differentials exist in all markets, not limited to when you choose to pick a different captain to Haaland in fantasy premier league. In the oil market, an important differential is gasnaph, which utilises one of naphtha’s key roles of being
Rangebound prices have been the outcome of the fortnight. Volatility is down and players have been all but absent, celebrating the Lunar New Year and the in-progress IE week.
The May Brent futures contract rose into the afternoon, climbing from $81.30/bbl handles at noon today to $82.20/bbl as of 17:15 GMT (time of writing). WTI futures for the same tenor clocked in similar strength, moving from around $76.80/bbl at
After ending on a high note on Feb 26, the May Brent futures contract kept its upward momentum with prices hovering around the $81.50/bbl mark.
In Brent, May prices strengthened slightly over the past week with the RSI also showing signs of upward momentum as it crossed overbought territory on Feb 22, at 79. The May RBOB contract traded within Bollinger band although the RSI
While speculators in Brent were more bearish in the week to Feb 20 with a rise in shorts surpassing an increase in longs, WTI enjoyed a more bullish stance amid added length and liquidated short positions.
The HSFO complex has softened across the past fortnight, with weakness seemingly more concentrated in the East. On the other hand, the VLSFO complex saw relatively rangebound price action over the last two weeks, as price movements offered little conviction
The Brent futures flat price for the prompt contract has seen a relatively weak morning. Price action initially found stability above the $83/bbl-mark, before coming off from $83.32/bbl at 08:00 GMT to $82.55/bbl at 09:50 GMT.
Prompt Brent futures flat price has seen a mixed afternoon. Prices were initially pressured, falling $1/bbl in less than 4 hours to $82.41/bbl at 14:05 GMT. However, this level incited some buying interest, with prices retracing higher to $83.69/bbl at
The quest for direction in the oil markets has taken players to more niche markets with trading activity in refined fuels surging to the highest observed in multiple years.
The North Sea crude market was a major winner since the Chinese New Year, riding a wave of robust strength with the front supported from continued tightness.
In the last two weeks, EBOB crack prices initially strengthened to highs of around $18.60/bbl on Feb 13, before retracing $16.55/bbl on Feb 16. During the last fortnight, there was growing sell-side interest, as refiners and trade houses were seen
Prompt Brent futures flat price has seen a mixed afternoon. Prices were initially supported up to $83.48/bbl at 14:30 GMT before selling interest pressured prices lower to $82.10/bbl at 16:20 GMT.
Onyx Alpha will publish speculative and hedging trades every Tuesday based on technical analysis and data-driven tradecraft methods based on Onyx’s COT and Flux Financials data.
